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First Bank implements CBN directive on new board


First Bank of Nigeria Limited said on Friday that its Chief Executive Officer, Dr Adesola Adeduntan, who was earlier removed, had resumed to his office in the same capacity.

The Central Bank of Nigeria had on Thursday dissolved the boards of FBN Holdings Plc and First Bank of Nigeria Limited and appointed new directors for them.

First Bank, in a statement titled ‘Corporate statement on the new board constitution’, said, “Dr Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.

“We can confirm that the bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the bank are not hampered or hindered in any way and are in fact running smoothly.”

It added, “We further wish to reassure the public, our esteemed customers and stakeholders in the words of the governor of the central bank in concluding his press conference: the CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system.


“There is therefore no cause for panic among the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant.”

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