The Central Bank of Nigeria has reinstated Sola Adeduntan as MD/CEO of First Bank Nigeria barely 24 hours after he was replaced.
The CBN also sacked all directors and named new board members for both FBN and FBN Holdings PLC.
In a Thursday press conference in Abuja, CBN Governor Godwin Emefiele said the measures were taken following the Bank’s Board decision, without informing the Central Bank, to remove Adedutan, eight months before his tenure was set to end on December 31, 2021.
The Bank’s Board of Directors appointed Mr Gbenga Shobo on Wednesday as the new MD/CEO. Shobo was previously Deputy Managing Director.
The Central Bank has reversed that decision and reinstated Adedutan with immediate effect.
The Central Bank justified its decision based on Regulatory forbearance extended to First Bank since 2016.