By our Reporter
The Central Bank of Nigeria has used its power on First Bank of Nigeria Limited as the financial regulator of the activities of commercial banks on Thursday when it dissolves the entire members of the board of First Bank Nigeria Ltd.
The bankers bank queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, as appointing Gbenga Shobo as MD/CEO designate without regulatory approval.
The CBN had also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.
But at a briefing today, CBN Governor, Godwin Emefiele, announced the sacking of all members of the board of the bank for the supposed affront.
First bank has been in the news over display of excessive power in appointment and termination of the bank executives.