CBN Removes Boards of First Bank of Nigeria, FBN Holdings; Appoints New Chairmen

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Thursday, April 29, 2021 08:58 PM / by Proshare Research / Header Image Credit: Ecographics


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Following the meeting held by the board of First Bank of Nigeria in relation to the appointment of Mr. Gbenga Shobo as the new MD/CEO of First Bank and the subsequent query issued by the Central Bank of Nigeria (CBN) to the bank's board, the CBN Governor this evening, during a press briefing, announced the removal of the boards of both First Bank of Nigeria (FBN) and FBN Holdings Plc.

 

The CBN Governor described First Bank of Nigeria as a Systemically Important Bank (SIB) considering its huge customer base of 31m, the quantity of its NIBSS activity which is about 22% of the total industry activity and its customer deposits which is about 10 times more than its shareholders' fund.

 

Following the removal of the boards of First Bank of Nigeria and its parent company, the CBN announced new board member for the two entities.


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The New Board members announced by the CBN for FBN Holdings Plc are:

  1. Remi Babalola - Chairman
  2. Dr Fatade Abiodun Oluwole
  3. Kofo Dosekun
  4. Remi Lasaki
  5. Dr Alimi Abdulrasaq
  6. Alhaji Ahmed Modibbo
  7. Alhaji Khalifa Imam
  8. Sir. Peter Aliogo
  9. UK Eke - Managing Director.

 

Similarly, the CBN announced the following persons as board members for First Bank of Nigeria Ltd

  1. Tunde Hassan-Odukale - Chairman
  2. Tokunbo Martins
  3. Uche Nwokedi
  4. Adekunle Sonola
  5. Isioma Ogodazi
  6. Ebenezer Olufowose
  7. Ishaya Elijah B. Dodo
  8. Dr Sola Adeduntan - MD/CEO
  9. Gbenga Shobo - Deputy Managing Director
  10. Remi Oni - Executive Director
  11. Abdullahi Ibrahim - Executive Director.

 

At the close of trading today, the share price of FBNH dropped by a tick size of -6.76% to close at N6.90k


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