Nigeria’s Central Bank, CBN has queried First Bank Ltd’s board over the removal of the current CEO without due consideration and presentation to the banking regulator, which clearly goes against the rules guiding banks and other financial institutions and against the new BOFIA Act, 2020.

The Board of Directors of First Bank of Nigeria Limited had Wednesday released a statement through the Chairman Dr Ibukun Awosika, relieving Dr Adesola Adedutan of his position as Managing Director/Chief Executive Officer and appointed Mr Gbenga Shobo in his stead which clearly goes against the rule that banks under forbearance and liquidity support cannot remove CEO without due compliance.

https://www.774ngr.com/2021/04/29/cbn-questions-first-bank-over-removal-of-adetutan-as-ceo/