RuudVanNisteroy:
You’re right.CBN approves tenure for MD’s to ensure they don’t feel any pressure from Board members to act against the interests of depositors if they don’t play ball the directors that may have insider loans.

Exactly, btw insider loans isn't a crime, favouritism is a crime, i believe that is what cbn has against the man.

Officialhorlah:



https://punchng.com/breaking-cbn-fires-first-bank-directors/

But to reduce N1000 in circulation is taking you 20 years. Scum cbn governor

yanabasee1:


I have been to the bank to withdraw and it was debited and was not paid... and it took me a while to retrieve my money...


This is another way of delaying your money for the loans to be repaid so they can return your cash for you...

guy why u dey reason like this na... I thought u are educated

SmartyPants:
CBN says don't fire the MD/CEO because that can disrupt the banks recovery at a delicate period. CBN then fires the entire board of directors in the same time?

Exactly. This their action sacking the while board will cause more harm than FB firing the MD. Even nairalanders are already afraid for their money in the bank

thebosstrevor1:


But it wasn't the reason, 2 memos were sent to the bank.

1. About the loan
2. About the board transition, it is was written categorically that the former Md retired but the transition process of the new board was not in accordance with Cbn regulations.

In an earlier publication today, it was said that approval was not got from CBN before allowing him to go. Adeduntan tenure was supposed to end on the 31st dec 2021. So what is the rush in relieving him of his duty before his tenure comes to an end?

Then they didnt not seek approval from CBN before making Shobo the MD.

The guy simply didnt play ball at a time. Share holders wealth have been eroded because of Otudeko. Otudeko's company took loan from first bank. Out of over 500billion fully provided for Otudeko's honey wells over 10% of that loan. The question is how did they grant the loan? Is that there is no lien on honey well assets?

thebosstrevor1:


You like to make up stories.

Cbn is the regulator, it is has the right to approve and fire board members that does not follow the guidelines. That is why it is rear in the Nigerian banking sector to hear about hostile takeovers because the regulators are always watching

What if these men take out the investment

thebosstrevor1:


How does otudeko loan and the board relate?

2 different matters, if you have read further, it wrote that

On Wednesday, the Board of Directors of First Bank of Nigeria Limited said that it had appointed Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO). Shobo’s appointment followed the news that the former MD/CEO, Dr Adesola Adeduntan, had retired.

But the CBN has now flagged that transition process and said it has no justification because Dr Adeduntan’s tenure has not yet run out, and there was no notification from First Bank to the CBN over the transition.

Did you read the query CBN issues earlier to FBN.

As at today the director no get shishi for FirstBank yet they were flexing muscle.

The MD that was removed still has till Dec for his tenure to elapsed.

SouthSouth1914:


Who fires CBN’s terrible Money making policy makers? CBN should not have the right to regulate internal problems of banks as long as their banks capital caps are in order.

CBN in diving in matters that does not concern them. Just my opinion

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.

domchike:

What if these men take out the investment

All of them no get investment again. Read CBN query to FBN

You would see an old man of 80 years engaging in corrupt practices as if he is 40 years old.

With no care for generations unborn except his own family.

And then Society will expect you to respect him because he is old.

90% of the old in Nigeria are not deserving of respect.

martooski:



Did you read the query CBN issues earlier to FBN.

As at today the director no get shishi for FirstBank yet they were flexing muscle.

The MD that was removed still has till Dec for his tenure to elapsed.

The man was not removed, he retired from service.

Almost every executive directors of banks have shares of the banks they control.

thebosstrevor1:


When a bank can not pay customers their money,do you think they will open

Have you visited a bank today to see if there's never a complain of debit with no pay?


Let me tell you my story...


I travelled down home to go for introduction/knocking of door...

was given a date to come with my people and items to come with to get a marriage list...

I transferred 300k to my account with atm card to enable me run errands to have things in order... then I started withdrawing and using the cash gradually..

On the said day.. I decided to withdraw everything that was left in the account to buy few things and transportation of my elders from my village to her village. So I went to a POS agent and we agreed on a charge for the left over 158k, she did the transaction and the money vanished. Almost ran mad as I had nothing on me to even fuel up.

Ran to the nearest bank branch and I was asked to sign some indemnity form before they could released my account after I threatened to withdraw the bank from my salary account...and taking the case up into the social media..

The branch manager was really a helper.

Later found out that the money was reversed. But since there was nothing in the account, I was unable to see my cash even via my mobile app.

thebosstrevor1:


The man was not removed, he retired from service.

Almost every executive directors of banks have shares of the banks they control.

Please just read the query sent earlier

Quote

"“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.

“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiration of his second tenure which is due on Dec. 31, 2021,” he added.

Mustafa noted that the removal of a sitting MD/CEO of a systemically important bank was not good"


Please note the meaning of "regulatory forbearances"

domchike:

What if these men take out the investment

How??

Nigeria banking sector is highly regulated.

thebosstrevor1:


You like to make up stories.

Cbn is the regulator, it is has the right to approve and fire board members that does not follow the guidelines. That is why it is rear in the Nigerian banking sector to hear about hostile takeovers because the regulators are always watching

He is very right.

Reelmii:
guy why u dey reason like this na... I thought u are educated

When you find yourself in a situation.... You'll learn better...

Sometimes we learn from experience.... Else, every other thought will likely sound stupid to you....

lastclaire4:


In an earlier publication today, it was said that approval was not got from CBN before allowing him to go. Adeduntan tenure was supposed to end on the 31st dec 2021. So what is the rush in relieving him of his duty before his tenure comes to an end?

Then they didnt not seek approval from CBN before making Shobo the MD.

The guy simply didnt play ball at a time. Share holders wealth have been eroded because of Otudeko. Otudeko's company took loan from first bank. Out of over 500billion fully provided for Otudeko's honey wells over 10% of that loan. The question is how did they grant the loan? Is that there is no lien on honey well assets?

All the report i read used the word RETIRED.

The issue here is the new board, the bank didn't send the neccesary information to CBN before they publicly announced it.

Btw, Insider loan is not a crime but giving out loan based on special treatment is a crime.

afroxyz:


He is very right.

Everything isn't a conspiracy .

thebosstrevor1:


Everything isn't a conspiracy .

True. But he is right

RenaissanceGuy:
Have you ever gone to the bank to withdraw some money and you were told that your money is currently not available because it has was loaned out, and you should come back in a few days' time? Complete lie. It's simply a technical glitch. Banks have expenses too -hiring, power, etc. So how do you expect them to run free services for you including giving you free debit card or not charge notification cost that they pay money for?

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.

afroxyz:

True. But he is right

He has admitted he was wrong.

What of GTB? That bank sucks

thebosstrevor1:


He has admitted he was wrong.

Ok. He was wrong. You don win......but mark this post

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.

Gbamm ! You talk well

jlinkd78:
This Govt want to make people panic when they have not been able to create anything the only Bank of reference in terms of healthiness is now being fingered with their leprous hand of mismanagement. This CBN that is supposed to be busy printing billions to be shared across the States now wants to crash First Bank, regarded as the Rock of Gibraltar Bank, same way big names like Oceanic and Diamond Banks including Intercontinental went out of space cos of conflict of interests

it's obvious you have no idea how this stuffs works....

martooski:


Please just read the query sent earlier

Quote

"“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.

“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiration of his second tenure which is due on Dec. 31, 2021,” he added.

Mustafa noted that the removal of a sitting MD/CEO of a systemically important bank was not good"


Please note the meaning of "regulatory forbearances"

Regulatory forbearance, A regulatory policy (i.e., a policy implemented by central banks and other regulatory authorities) that permits banks and financial institutions to continue operating even when their capital is fully depleted.

If you read on nairametrics, it wrote categorically that Fist bank ceo tenure is 6 years.

However, sources within the bank informed Nairametrics that First Bank has a maximum of 6 years tenure for its MDs in line with its succession plans. They also claimed the CBN is meddling in its internal affairs as the removal of the MD is in line with its succession plans and also does not exceed CBNs maximum of 10 years.

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

afroxyz:

Ok. He was wrong. You don win......but mark this post

Lol

jlinkd78:
This Govt want to make people panic when they have not been able to create anything the only Bank of reference in terms of healthiness is now being fingered with their leprous hand of mismanagement. This CBN that is supposed to be busy printing billions to be shared across the States now wants to crash First Bank, regarded as the Rock of Gibraltar Bank, same way big names like Oceanic and Diamond Banks including Intercontinental went out of space cos of conflict of interests

Lol, sophistry.

yanabasee1:


I have been to the bank to withdraw and it was debited and was not paid... and it took me a while to retrieve my money...


This is another way of delaying your money for the loans to be repaid so they can return your cash for you...

Is this drama/lie really necessary?

thebosstrevor1:


Regulatory forbearance, A regulatory policy (i.e., a policy implemented by central banks and other regulatory authorities) that permits banks and financial institutions to continue operating even when their capital is fully depleted.

If you read on nairametrics, it wrote categorically that Fist bank ceo tenure is 6 years.

However, sources within the bank informed Nairametrics that First Bank has a maximum of 6 years tenure for its MDs in line with its succession plans. They also claimed the CBN is meddling in its internal affairs as the removal of the MD is in line with its succession plans and also does not exceed CBNs maximum of 10 years.

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

You are correct.

CBN views the retirement has a forced one also CBN has been the one backing FBN for six good years (regulatory forbearance ).

Director fund has already been depleted so they wonder how FBN board took the decision to accept the resignation without prior notice to CBN.

People don't just wake up and say am retiring immediately.

Nice to go through a thread and see people argue without insulting each other. Really refreshing.

As for the topic, I believe the apex bank did the correct thing. This guarantees the safety of customer's money.