Survivors, L-R Adeduntan, Eke and Shobo |
CBN also approved the appointment of Remi Babalola as Chairman of FBN Holdings Plc, a subsidiary of FBN.
It had earlier announced the removal of Mrs Ibukun Awosika
as Chairman of the board of FBN and Mr Oba Otudeko as Chairman of the board of
FBN Holdings
also announced the reinstatement of Sola Adeduntan as
Managing Director; Gbenga Shobo as Deputy Managing Director; and Remi Oni and Abdullahi
Ibrahim as Executive Directors of FBN Limited.
Adeduntan was earlier removed by the Awosika-led board and
replaced with Sobo as managing director, a move the apex bank condemned as not
following due process.
The apex bank made this known in a series of tweets on its
twitter handle on Thursday.
The action, said CBN Governor, Godwin Emefiele, was to
protect 31 million customers and minority shareholders of First Bank.
“First Bank of Nigeria is one of Nigeria’s systemically
important banks, given its historical significance, balance sheet size, large
customer base and high level of interconnectedness with other financial service
providers.
“CBN reassures First Bank of Nigeria depositors, creditors
and other stakeholders of the bank of its commitment to ensure the stability of
the financial system,” Emefiele said.
The News Agency of Nigeria (NAN) reports that CBN also
announced the appointments of Dr Fatade Abiodun Oluwole, Kofo Dosekun, Remi
Lasaki and Dr Alimi Abdulrasaq as directors of FBN Holdings.
Other directors of FBN Holdings so appointed are, Ahmed
Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke, who was appointed as
Managing Director.
Directors of FBN Limited, as announced by the apex, include.
Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer
Olufowose and Ishaya Elijah Dodo.
Recall that the CBN had earlier raised concerns over First
Bank’s failure to comply with regulatory directives on divesting its interest
in Honeywell Flour Mills.
The concerns were contained in a letter dated April 26, 2021
and addressed to Ibukun Awosika, erstwhile Chairman of FBN Limited.
It was in response to their audited International Financial
Reporting Standards accounts for the 2020 financial year.
In the letter signed by Director of Banking Supervision,
Haruna Mustafa, the apex bank said:
“We further noted that after four years the bank is yet to
perfect its lien on the shares of Mr. Oba Otudeko in FBN Holdings which
collateralised the restructured credit facilities for Honeywell Flour Mills
contrary to the conditions precedent for the restructuring of the company’s
credit facility.”
The apex bank instructed First Bank to diversify the equity
investments in all non-permissible entities such as Honeywell Flour Mills and
Bharti Airtel Nigeria Limited within 90 days.
0 comments:
Post a Comment