In one of the statements, the bank’s chairman Ibukun Awosika disclosed that Adesola Kazeem Adeduntan will be the First Bank of Nigerian Limited’s new Chief Executive Director (CEO)/Managing Director.
He is a skilled professional with noteworthy experience in commercial and investment banking, development finance, auditing, and consulting on both a domestic and international level. He is also a philanthropist and a leader with a strong interest in creating platforms for the advancement of other emerging leaders. However, he was removed from his position due to certain allegations.
What Led to Adesola Kazeem Adeduntan’s Firing?
Earlier, Adeduntan was removed from the post of Managing Director by the former Board of the Bank. Therefore, regarding the reinstatement of Adeduntan as MD, Emefiele said the CBN was satisfied with the work of the MD and those who were demanding to remove him were not comfortable with his instruction on rules and regulations.
The decision to remove the directors took place at a briefing in Abuja and Mr. Godwin Emefiele the CBN Governor, said the apex bank had to remove the directors who were trying to remove Adeduntan as MD without seeking any advice. He also added that Commentaries on the alleged management changes at First Bank of Nigeria Ltd., or FBN, and the appropriate regulatory investigation by the CBN to the Board of First Bank of Nigeria Limited have been widely reported in the media. It is now essential for me to approach the public in order to dispel any misconceptions.
Mr. Emefiele declared the bringing back of Sola Adeduntan as the managing director and chief executive officer (CEO) of the bank, a day after he was abolished by the board.
Further, He said, the regulator gets to know about the removal through the media.
In response, First Bank said it will unite with the rules and that its operations are unrestrained
The business informed the Nigerian Exchange Limited of this through a corporate disclosure. Seye Kosoko, the business secretary, signed the declaration.
A day after the bank appointed a new managing director, the regulator took dramatic action and fired the board of the bank and its holding company.
According to the CBN, Nigeria’s top bank, First Bank, has long struggled with “poor corporate governance standards, significant and non-performing insider loans, and bad credit decisions.”
Although the CBN claims that the time period as Md of Mr. Adendutan was yet to expire and they were not aware of such misconduct of the former MD and thus, there was no further discussion about his removal.
Generally, subject to CBN approval, the board is empowered to make changes to the executive team. However, the CBN views itself as a significant stakeholder in administration changes that accompany FBN as a result of the Bank’s forbearances and close surveillance over the previous five years intended to stop the bank’s decline in its going concern status.
Recently, the board of directors of the first bank of Nigeria appointed Gbenga Shabo as the new Chief Executive officer(CEO)/ Managing Director and this was disclosed to the bank chairman. Ibukun Awosika. However the appointment of Gbenga Shabo was done without the consent of any of the apex banks.
The New Board of Directors of FBN Holdings Plc are as follows:
- Mr. Remi Lasaki
- Dr. Alimi Abdulrasaq
- Mr. Ahmed Modibbo
- Mr. Khalifa Imam
- Mr. Remi Babalola – Chairman
- Dr. Abiodun Oluwole Fatade
- Mrs. Kofo Dosekun
- Sir Peter Aliogo
- UK Eke, MFR – Managing Director
The New Board of Directors of First Bank of Nigeria Limited are as follows:
- Mr. Ishaya Elijah B. Dodo
- Dr. Sola Adeduntan – Managing Director
- Mr. Gbenga Shobo – Deputy Managing Director
- Mr. Remi Oni – Executive Director
- Mr. Abdullahi Ibrahim – Executive Director
- Mr. Tunde Hassan-Odukale – Chairman
- Mrs. Tokunbo Martins
- Mr. Uche Nwokedi
- Mr. Adekunle Sonola
- Ms. Isioma Ogodazi
- Mr. Ebenezer Olufowose
More Details on the Case Against Adesola Kazeem Adeduntan
Given its historical relevance, size of the balance sheet, extensive customer base, and a high degree of interdependence with other providers of financial services, among other factors, FBN is one of the major banks in the Nigerian banking industry.
According to our most recent estimate, FBN has more than 31 million customers, a deposit base of N4.2 trillion, shareholder funds of N618 billion, and a NIBSS Instant Payment, NIP, handling capability of 22% of the industry.
The protection of the bank’s over 31 million customers, who view FBN as a secure haven for their hard-earned savings, is equally essential to us at the CBN as protecting the minority shareholders, who lack a voice and cannot express their opinions.
The bank continued with healthy operations up until the 2016 financial year when the CBN’s target examination to disclose that the bank was in a vault financial state with its capital acceptability ratio (CAR) and non-performing loans ratio (NPL).
However, the problems at the bank were attributed to bad credit decisions, valuable and non-performing insider loans, and defective corporate governance practices. The shareholders of the bank and FBN Holding Plc also required various positions to recapitalize the bank to basic requirements.
READ THE BANK STATEMENT BELOW
The lawsuit against the company
The bank filed the lawsuit after the company refused to pay the debt, claiming the investors that funds which are packed as facilities to the Listed Flour Party Mills Company are from third-party depositors and shareholders, and if they are unavailable or fail to pay off the debt are going to affect the bank business operation in a negative way and could have multiple negative effects on the economy also.
Frequently Asked Questions About Adesola Kazeem Adeduntan
Who is Adesola Kazeem Adeduntan?
Adesola Kazeem Adeduntan is the First Bank of Nigerian Limited’s new Chief Executive Director (CEO)/Managing Director.
Where is Adesola Kazeem Adeduntan situated?
Lagos, Nigeria’s primary agro-veterinary services veterinarian Adesola Kazeem Adeduntan.
What did Adesola Kazeem Adeduntan do?
Adesola served as Citibank Nigeria Limited’s Senior Vice-President (General Manager) and Chief Financial Officer. She was in charge of the bank’s quality control, operational risk management, and finance and product control operations.
What is the net worth of Adesola Kazeem Adeduntan?
Adesola Kazeem Adeduntan’s net worth: Adesola Kazeem Adeduntan has a 425 billion USD net worth.
Who is the first bank president?
Adesola Kazeem Adeduntan is the first bank president.
What was the first bank in Nigeria?
The first bank in Nigeria Limited was the first bank in Nigeria which was established in 1894.
Who is the owner of FBN Holding PLC?
Femi Otedola is the owner of FBN Holding PLC he has the majority of shares of FBN holdings. Besides this, he comes under the billionaire investor and he is also the chairman of the Geregu Power Plant.
Beware of Adesola Kazeem Adeduntan
Adesola Kazeem Adeduntan is aware of his strength and weaknesses and also aware of his greed for money. He is aware of why its allure frequently leads many inflated billionaires to act as common spendthrifts. Although the Central Bank of Nigeria has recently drawn a report for the removal of all the board of directors of the first bank of Nigeria, Adeduntan must appoint a successor to replace him. Therefore, we advise investors to be aware of the rules and regulations, and always read all the documents clearly so that they can save themselves from scamming.