The Central Bank of Nigeria has sacked the Board of the First Bank of Nigeria.
This was announced today at a Press Briefing by the Governor of the CBN, Mr. Godwin Emefiele.
Mr. Emefiele said the move to sack the board was informed by the First Bank’s unilateral decision to effect changes to the bank’s management without prior approval of the CBN.
He said the CBN had remained under regulatory intervention for the past five years and as such ought to have sought its approval before embarking on such changes.
Mr. Emefiele said the CBN had intervened to save the bank from issues such as insider loan abuse and poor corporate governance.
He assured the bank’s customers and minority shareholders of jts commitment to protect their savings and investment.