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CBN appoints new board for FBN Holdings, restores ousted CEO Sola Adeduntan

Late on Wednesday this week, the news of the removal of the CEO of First Bank of Nigeria and the appointment of Gbenga Shobo as CEO of the bank filtered into the news stream, a move which the Central Bank of Nigeria says was done by the board of the bank without regulatory approval as the CBN considers itself a key stakeholder in management changes involving FBN due to the fact that it is a systematically important bank under regulatory forbearance regime. In reaction to the snub, the CBN dissolved the board and appointed new directors for both First Bank of Nigeria and FBN Holdings, while restoring the ousted CEO Sola Adeduntan to his position. Tilewa Adebajo, CEO of CFG Advisory and Kayode Akindele, Partner at TIA Capital join CNBC Africa for more.
Fri, 30 Apr 2021 12:14:57 GMT