Why chairmen, directors of First Bank Holdings, First Bank Plc were removed—CBNThe Central Bank of Nigeria (CBN) on Thursday removed Mr. Oba Otudeko and Mrs. Ibukun Awosika as Chairman of First Bank Holdings Company and Chairman, First Bank of Nigeria Plc respectively. The bank also removed all the directors of the bank and the holding company. The apex bank announced the reappointment of Adeduntan as Managing Director and Gbenga Shobo as Deputy Managing Director of the bank respectively. “The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans and poor corporate governance practices. “The shareholders of the bank and FBN Holdings Plc also lacked the capacity to recapitalize the bank to minimum requirements.

Source: Nigerian Tribune April 29, 2021 19:43 UTC