News Break: CBN reinstates Adeduntan as FirstBank CEO - ITREALMS

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The Central Bank of Nigeria (CBN) has sacked all the directors of First Bank of Nigeria (FBN) Limited and First Bank of Nigeria (FBN) Holdings Plc, reports ITREALMS.

According to a report from Abuja headquarters of CBN the sack was proclaimed by the Governor, Mr. Godwin Emefiele at a press briefing on Thursday over the purported ouster of the Bank’s Managing Director, Mr Adesola Adeduntan and appointment of Mr. Gbenga Shobo by the board on Wednesday.

"CBN Governor, Mr. Godwin Emefiele, while addressing journalists, said the decision was taken to safeguard the financial system, following the crisis that greeted the purported changes at FBN,” Emefiele was quoted as saying at a media parley.

ITREALMS gathered that Adeduntan, who was earlier sacked by the board, was however, reinstated by the apex bank within 48 hours.