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Why CBN Sacked Ibukun Awosika and First Bank Board of Directors

Why CBN Sacked Ibukun Awosika and First Bank Board of Directors

Why CBN Sacked Ibukun Awosika and First Bank Board of Directors

  • The Central Bank of Nigeria has fired the entire board of directors at FBN Holdings Plc including chairman Ibukun Awosika

  • The news was passed by CBN governor, Godwin Emefiele who cited insider abuse and break down in governance as a reason for the sacking

  • The CBN governor also reinstated Dr. Sola Adeduntan as the Managing Director of the bank

The Governor of the Central Bank of Nigeria Godwin Emefiele, on Thursday, announced the sack of FBN Holdings’ board of directors and Chairman Ibukun Awosika.

Cbn sacks Ibukun Awosika and First bank board

Emefiele made the announcement on a live television broadcast where he cited the breakdown of governance and insider abuse as a reason for the sack.

Following the sacking of the board, the CBN reinstated Dr. Sola Adeduntan as the Managing Director of the Bank, only a few days after he was sacked by the previous board.

Dr. Fatade Abiodun Oluwole, Kofo Dosekun, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, Remi Lasaki, Dr. Alimi Abdulrasaq were appointed directors of FBN Holdings Plc, while Remi Babalola was appointed Chairman.

Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo, Tokunbo Martins, Uche Nwokedi, Adekunle Sonola were appointed First bank directors.

Tunde Hassan-Odukale has been appointed the chairman of the bank.

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Mr. Emefiele claims that the CBN had been monitoring the bank for 5 years and discovered that the bank was in a terrible financial condition.

Godwin Emefiele

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