The Central Bank of Nigeria (CBN) on Thursday fired the entire members and board of directors in First Bank of Nigeria.
The CBN disclosed that, in its capacity as the apex regulator, the need to wield the big stick against commercial banks becomes necessary in the face of irregularity in the banking sector.
The apex bank had earlier queried the Board of the First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, without regulatory approval.
It 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.
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