thebosstrevor1:


Lol..

The main reason for cbn disapproval is this.

Cbn approves 10 years for bank mds but first bank internal policies approves 6 years for their md.

The disagreement has nothing to do with loans.

Read for more information.

https://nairametrics.com/2021/04/29/cbn-first-bank-on-collision-course-over-removal-of-md-ceo/

CSTRR:

Nigerians are too corrupt, if left alone.

The CBN should always have a strong say in the banking sector atleast in Nigeria.

Fintech is where the CBN should stay away.
They are killing innovation.

yanabasee1:
Is first bank a branch of CBN?

SmartPolician:
Board of directors fired the MD and CBN fired the Board.

uch

thebosstrevor1:


So who is suppose to regulate activities of commercial banks in the country

SouthSouth1914:


The regulations are there! Banks still have their initial 25BN deposit with the CBN, daily/monthly updates by the CBN are being carried out by the banks.

CBN dabbling into local banks politics is totally wrong, myopic and sends a strange negative signal!

SouthSouth1914:


The regulations are there! Banks still have their initial 25BN deposit with the CBN, daily/monthly updates by the CBN are being carried out by the banks.

CBN dabbling into local banks politics is totally wrong, myopic and sends a strange negative signal!

SouthSouth1914:


The regulations are there! Banks still have their initial 25BN deposit with the CBN, daily/monthly updates by the CBN are being carried out by the banks.

CBN dabbling into local banks politics is totally wrong, myopic and sends a strange negative signal!

yanabasee1:
Is first bank a branch of CBN?

RuudVanNisteroy:
https://www.vanguardngr.com/2021/04/cbn-sacks-first-bank-directors-retains-adeduntan-as-md/ CBN confirmed previous MD was removed for adherence to bank policies by influential directors with heavy credit exposure they obtained through Insider loans.

thebosstrevor1:


Read financial online media instead of thisday news to understand the situation.

1. Adeduntan wasn't kicked out. He retired
2. First bank internal policies says that every md must serve for a tenure of 6 years.
3. Cbn regulations says 10 years
4. There is a conflict of interest between first bank internal policy and cbn regulatory policies.
5. Obadeko bad debt is a different matter entirely infact he got the loan in 2017. Cbn sanctioned obadeko because they found out that he was given special treatment.
6. Banks are mandated to inform cbn about bank ceo and director, then cbn approves it.
7. First bank didn't send info to cbn.
8. Cbn dissolves new board.

thebosstrevor1:


Did you read the CBN governor speech because what you posted is different from the cbn governor speech, also, what you posted is contradictory because the loan was collected during the tenure of the previous md.

Here is some of the cbn governor statement from that same article.

It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities. The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank.


Note: no mention of obadeko or his loan was mentioned in the governor statement, the main issue was first bank non compliance with cbn regulations when changing directors.

ntyce:


Was the retirement voluntary?

Why did the CBN return him as the MD after sacking the board.

If he truly retired, then he shouldn't be back..

He was forced out due to a clash within the board.

From what I heard, Adenuga - who is also a shareholder is fighting Otudeko..

martooski:


What's this one saying

RuudVanNisteroy:
https://www.vanguardngr.com/2021/04/cbn-sacks-first-bank-directors-retains-adeduntan-as-md/

ntyce:


So you think CBN will mention that..

Did CBN mention Ayeni's loan when sacking board of Skye Bank?

Do you understand what CBN meant by - the bank under forebearance?
It meant the bank has not been able to meet up it's obligations, the CBN had to inject liquidity to support.

thebosstrevor1:


In the case of Mr Ayeni of skye bank.

The cbn sacked the md and the board after finding what what the md did and the cbn pumped in 100 billion as bailout.

The bank petition efcc, he was arrested.

RuudVanNisteroy:
The CBN is trying to make sure Oba Otudeko repays the insider loan he received.Their exposure is close to N85 billion.This is the bank my parents have all their savings. CBN as the regulator has to make sure what happened to Oceanic Bank,Intercontinental Bank and Societies General Bank,doesn’t replay itself due to reckless insider loans that are not being repayed and keep getting restructed without any tangible collateral,should it go bad.

BigBashiru:


I 100% agree!! Banks are commercial banks and are not part of the government... the CBN should focus on reducing N1000 note in circulation, better exchange rate, lower interest rate etc and leave management of a commercial bank alone.

thebosstrevor1:


Lol.

Banks have their own internal policies
Cbn has their own regulatory policies.

Nonkit:


Overseas, UK for instance, banks do not charge ATM cards. They also do not charge impose inexplicable service charges. Banks make their money from using the depositors' funds for business such as loan issue and FX trading.

SouthSouth1914:


Announcing the decision to sack the Directors at a briefing in Abuja, the CBN Governor, Godwin Emefiele, said that the apex bank had to remove the Directors for trying to remove Mr Adeduntan from office without consulting the regulars.

Isn’t this petty politics? Who are the regulars? CBN? This sounds like cherry picking to me. Are all bank’s board of directors to seek the CBN before appointment of MDs? Is there a blueprint with legal backing or CBN is just trying to flex muscles?

DDDEnterprises:


"issues, nonsense and problems"

I love your use of diction.

thebosstrevor1:


Did you read the CBN governor speech because what you posted is different from the cbn governor speech, also, what you posted is contradictory because the loan was collected during the tenure of the previous md.

Here is some of the cbn governor statement from that same article.

It was therefore surprising for the CBN to learn through media reports that the board of directors of FBN, a systemically important bank under regulatory forbearance regime had effected sweeping changes in executive management without engagement and/or prior notice to the regulatory authorities. The action by the board of FBN sends a negative signal to the market on the stability of leadership on the board and management and it is in light of the foregoing that the CBN queried the board of directors on the unfortunate developments at the bank.


Note: no mention of obadeko or his loan was mentioned in the governor statement, the main issue was first bank non compliance with cbn regulations when changing directors.

thebosstrevor1:


Yes, it was a voluntary retirement.

He was returned because due process of informing cbn wasn't followed by the bank.

You aren't in the board, so conspiracy theories is not acceptable.

Agbegbaorogboye:


So in your village, somebody will voluntarily retire and will be dragged back to the position because his placenta is buried there?
Which village is that self?

thebosstrevor1:


I still don't understand how it relates with first bank situation.

Md retire voluntarily, the bank sets up a new board without informing cbn.

Cbn sacked new board because they weren't informed, how does this situation relates with your situation above

Agbegbaorogboye:

Beht, sebi you saw "a systemically important bank under regulatory forbearance" in the statement and someone even pointed you to the phrase yet you're still arguing up and down like a troubled kid. Why are you like dis self?