The crisis rocking the board off foremost financial institution Firstbank continues to deepen as E-nigeria! Now has it on good authority that the Central Bank of Nigeria – CBN has sacked the entire board of the bank comprising of the new MD/CEO, Gbenga Francis Shobo and others.
According to Governor of the Central Bank of Nigeria, Godwin Emefiele, who announced the development on live television the entire members of the board of First Bank Holding and First Bank Nigeria Ltd have been sacked.
Emefiele, in his speech, cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move.
The CBN governor further went ahead to announce that Dr Sola Adeduntan had been reinstated as the Managing Director of the interim Board.
Recall that E-nigeria! Had earlier reported that the emergence of Gbenga Francis Shobo as the new MD/CEO following approval from Firstbank Board was one not routed through due process and frowned at by the CBN.
There are also clear indications that the ousted Chairman, Oba Otudeko’s frantic effort to use his influence to write off his un-serviced huge loan to the bank is part of the bone of contention.
Oba Otudeko, known as a chronic debtor once tried to position his son, Obafemi to take over from Bisi Onasanya, but met with stiff opposition from some members off the board and the CBN too.
No one is sure where the current boardroom crisis rocking Firstbank is heading, but it sure will be one full of intrigues.