The Central Bank of Nigeria has ordered the dissolution of the board of directors of First Bank Plc, following the abrupt removal of the managing director, Dr. Sola Adeduntan, whose tenure, the CBN claimed was yet to expire.
A statement by the CBN reads: “The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports that the Board of Directors has approved the removal of the current Managing Director of the bank, Dr Sola Adeduntan, and appointed a successor to replace him. The CBN notes with concern that the action was taken without due consultation with the regulatory authorities, especially given the systemic importance of First Bank Ltd.”
The CBN stated that they were not aware of any misconduct by the former MD and as such there was no justification for his removal.
First bank replaced Dr Adeduntan with Gbenga Shobo (58 years in June) as the new MD/CEO in a press release. Shobo was before now the former Deputy Managing Director of the Bank.