First Bank obeys CBN order as former MD resumes

The reinstated Managing Director and CEO of First Bank of Nigeria Limited, Dr. Adesola Adeduntan, has resumed work  in line with the directives of the Central Bank of Nigeria (CBN), the bank has confirmed.

In a statement Friday by the Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, the management said: “We can confirm that the bank is cooperating with the Central Bank of Nigeria and other regulators, while the operations of the bank are not hampered or hindered in any way and are in fact running smoothly.”

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The statement added that the bank had conformed to the CBN’s pronouncement on the reconstitution of the board of directors of First Bank of Nigeria Limited.

CBN Governor, Mr Godwin Emefiele on Thursday, announced the apex bank’s dissolution and reconstitution of the Boards of FBN Holdings Plc and First Bank in line with its power under Banks and Other Financial Institutions Act (BOFIA) 2020.