CBN sacks all First bank directors, reinstates sacked Managing Director

The Central Bank of Nigeria (CBN) has sacked all the directors of First Bank of Nigeria (FBN) Limited and First Bank of Nigeria (FBN) Holdings Plc.

Their sack was announced by the CBN Governor,Mr. Godwin Emefiele, at a press briefing on Thursday over the purported ouster of the Bank’s Managing Director, Mr Adesola Adeduntan and appointment of Mr. Gbenga Shobo by the board on Wednesday.

CBN Governor, Mr. Godwin Emefiele, while addressing journalists, said the decision was taken to safeguard the financial system, following the crisis that greeted the purported changes at FBN.

Adeduntan, who was earlier sacked by the board, was however, reinstated by the apex bank