Adenuga and CBN Discuss Handover Plans of ETB

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It was learnt that the managing director of the bank, Ike Oraekwotu, might also be returned to his duty post since no criminal act was proffered against him by the apex bank or the Economic and Financial Crimes Commission (EFCC).

The source also disclosed that Adenuga was not found wanting in terms of insider credit abuse, however, "the main issue and source of concern from the CBN on ETB is the over-bearing and heavy involvement of Adenuga in its shareholding structure. This is being addressed as we speak," the source said.

The CBN governor is expected to table Adenuga's return to the board of ETB before the CBN's Committee of Governors, comprising the governor and his deputies, and the Nigeria Deposit Insurance Corporation (NDIC).