Adeduntan : I Have Always Acted With The Utmost Interest Of Ist Bank - Awosika

•Awosika

Ousted Chairman of the First Bank of Nigeria, Ibukun Awosika, has broken her silence in respect of the intrigues, the boardroom war and the aftermath that led to the sweeping away of all the directors in one fell swoop by the Central Bank of Nigeria (CBN).

In a post titled my FBN Group Journey on her official Instagram page, Awosika stated without a shadow of doubt that, while her sojourn there lasted, she always acted in honor and integrity with the utmost interest of the institution, all stakeholders and the Nation at heart.

She stated : My FBN Group Journey 

“In October 2010, I was appointed to join the board of First bank of Nigeria.

“A few months later, I was appointed to chair the board of its start up FBN Life Insurance Limited (a joint venture with Sanlam of South Africa). As its pioneer chairman, I had the privilege of working with a strong management team led by Val Ojumah. 

“Together with the rest of our team we built a company that became profitable in twenty four months and continues to be so.

“In early 2013, I was moved from FBN Life Insurance Ltd, to assume the chairmanship of FBN Capital working with a brilliant team led by Kayode Akinkugbe as the Managing Director. 

“We worked hard to build the institution, bought Kakawa Discount House which I was again asked by the Group to Chair.  We eventually merged the companies to create the FBN quest Merchant Bank Group, which I chaired until my appointment as Chairman of First Bank of Nigeria on January 1st 2016.

“For over five years ,  I have worked with a dedicated team of board and management , with the support of Central Bank of Nigeria to rebuild and restructure the institution for its future. This included cleaning up non performing loans, establishing good operational governance systems and processes, building controls and an effective and robust risk management system. 

“I am confident we have brought First Bank of Nigeria to a place where it is more than able to deliver utmost value to its stakeholders and the nation at large. 

“As a board, we acted in what we clearly believed to be in the best interest of the bank and we had great plans and aspirations for where the bank could go to in its future, building on all the work that has already been done in the last five plus years. 

“Without a shadow of doubt, I will unequivocally state that I have always acted in honor and integrity with the utmost interest of the institution, all our stakeholders and the Nation.

Thank you.

Ibukun Awosika.

The Daily Crucible recalls that the Bank of Nigeria had on Thursday, descended heavily on First Bank of Nigeria Limited, weeding out the entire members of the board of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc in one fell swoop.

The apex bank which regulates the banking activities of all commercial banks in the country had earlier queried the Board of the  bank for sacking Adesola Adeduntan as the Managing Director/Chief Executive Officer, and appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

The CBN also faulted the appointment of the quartet of Abdullahi Ibrahim as deputy managing director, Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu as executive directors.

And later same Thursday, the CBN Governor, Godwin Emefiele, announced the sacking of all members of the board of the bank for the supposed affront.

Persons affected by the CBN’s hammer are Mrs Oba Otudeko, Ibukun Awosika among others.

The Apex bank reinstated with immediate effect, Adesola 

Adeduntan as the Managing Director/Chief Executive Officer and 

thrashed the appointment of Gbenga Shobo as MD/CEO designate.

Gbenga Shobo was appointed into the exalted position without the  regulatory approval of the CBN, it was learnt.

Justifying  the removal of the First Bank directors while briefing newsmen in Abuja, CBN Governor, Godwin Emefiele,  said the decision was taken by the management of CBN, following the query which the CBN had earlier issued the Board of First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, without regulatory approval.

Emefiele said : “Following further review of the situation and in order to preserve the stability of the bank so as to protect minority shareholders and depositors, the management of the CBN, in line with powers conferred on it by the Banks and Other Financial Institutions Act 2020, has approved and hereby directs as follows:

“The immediate removal of all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc.”

For the newly appointed directors of holding company, Emefiele named them to include Remi Babalola, as chairman and UK Eke as managing director.

Mr. Remi Babalola,  a former Minister of State for Finance, is now chairman of FBN Holdings. He takes over from Mr. Oba Otudeko who was chairman of First Bank for 12 years before assuming the position of Chairman of FBN Holdings in 2010.