Thank God that woman is removed...
Don't know why women are known for abuse of powers..
Thanks to CBN, sanity has been restored

Focusmind:
Oba Otudeko won't go down without a fight. Regarded as the doyen of the banking sector and a boardroom strategist. He has finally come to his end and I heard that the man is a boardroom bully. I admire him sha.

A lengthy court war is brewing. Lawyers will soon cash out big time.

court war with the regulator? What a joke

SavageResponse:
So this is how Ibukun Awosika's career in First Bank ended, just like that.

The number of people calling her to come give motivational speeches will dwindle dramatically

The question is how she got there in the first place. For her to have made such a move against the MD shows she's in cahoots with Otudeko. If she got there purely on her merit and not just connections, no how would she be ready to swim or sink with Otudeko. It was clear from start the CBN would never take that decision lying low given that Emefiele himself is a former bank MD.

I have mentioned before that the problem with Nigeria is not just the government but everyone. Nigeria is a people. The problem with fhe Nigerian people is having respect for law, agreement and contracts. Everyone does as he likes. What would it cost the manageement to notify CBN. Is there no legal representative who could have warned them of their supposed action. Everybody just does anyhow.

FarahAideed:


The loan was paid off in stock options ( that's another story for another day )

The stocks of an insolvent company cannot be worth very much, no?

tit:
No Niger Delta?
We no get money for FBN

Isioma na delta pikin

FarahAideed:
This is clearly a game of Ego and not of mismanagement like the CBN wants you to believe....very poor handling by the CBN , this is beginning of crisis for FBN

What are you on about?

The CBN has been soft on FBN...
Which Oba Otudeko have virtually turned into a personal piggy bank.

All the insider loans from years ago remain unresolved...
As well as the disallowed FBN investment in Otudeko’s Honeywell.
>

naptu2:
What happens to the Honeywell loan and Bharti Airtel shares?

The loan remains unresolved till the present...
The restructured payment has also been in breach.

The shares in Bharti Airtel and Honeywell...
Remain unsold, despite several CBN directives.
>

FarahAideed:
This is clearly a game of Ego and not of mismanagement like the CBN wants you to believe....very poor handling by the CBN , this is beginning of crisis for FBN

This is the saving grace for FBN - Trust me
This dudes were set for another chow session where loans are given to family members again
Am so happy with this news

The hatred i have for both first bank and GT i can't explain.

9jaRealist:


What are you on about?

The CBN has been soft on FBN...
Which Oba Otudeko have virtually turned into a personal piggy bank.

All the insider loans from years ago remain unresolved...
As well as the disallowed FBN investment in Otudeko’s Honeywell.
>

You are wise

Agbegbaorogboye:

The question is how she got there in the first place. For her to have made such a move against the MD shows she's in cahoots with Otudeko. If she got there purely on her merit and not just connections, no how would she be ready to swim or sink with Otudeko. It was clear from start the CBN would never take that decision lying low given that Emefiele himself is a former bank MD.

You don't become a Board chairman on 'merits' perse, but either as a significant shareholder, or the nominee of a significant shareholder - in this case, Otudeko. The new Chairman - Hassan Odukale is himself a significant shareholder (owns about 6%) or so of the bank.

Bagehot:



You don't become a Board chairman on 'merits' perse, but either as a significant shareholder, or the nominee of a significant shareholder - in this case, Otudeko. The new Chairman - Hassan Odukale is himself a significant shareholder (owns about 6%) or so of the bank.

Well said

Agbegbaorogboye:

The question is how she got there in the first place. For her to have made such a move against the MD shows she's in cahoots with Otudeko. If she got there purely on her merit and not just connections, no how would she be ready to swim or sink with Otudeko. It was clear from start the CBN would never take that decision lying low given that Emefiele himself is a former bank MD.

Well said

This was just a mild corporate coup

Yoruba bank. Present and current MD-Yoruba

Present and current Chairman-Yoruba

Over 75% of Directors- Yoruba

dionma:
Yoruba bank. Present and current MD-Yoruba

Present and current Chairman-Yoruba

Over 75% of Directors- Yoruba

it's surprising they're not representing well.

DWJOBScom:


Well said

This was just a mild corporate coup

Not so mild . . . Adenuga, and Hassan-Odukale own 6% and 10% respectively of FBN, and are in opposing camp to the Otudeko camp who own 10%. The sacked MD Adeduntan is in the Adenuga camp, and was also used by the CBN to check-mate Otudeko's excesses.

Otudeko was going the Ayeni/Skye Bank route with FBN's funds, and in order to have his way, moved to sack Adeduntan. Adeduntan backed by Adenuga and Odukale strikes back, and the rest is history . . .

Anfield247:
Chai, my iron lady, Ibikun Awosika don go ooh.... I love this woman so much! If you listen to her motivational speeches then u no change, na him be say u no wan wise!

Most Nigerian motivation speakers are criminally inclined

MikeMicheal:
THIEFY-THIEFY BANK!
PAY THIS GUY HIS MONEY!


https://www.nairaland.com/5591806/how-first-bank-did-not

Thank you so very much sir.
We will not relent. We toiled day and night to create that 125th Year Anniversary logo for First Bank Plc. Their balance sheet showed that they paid someone else for the logo we created and designed for them but it is not us.

Between Mrs Folake Ani-Mumuney ,Mr Adeduntan, the sacked board and God, there's a secret only God using EFCC/CBN and men/women of good conscience in this land can expose who the Adeduntan-led management claimed created our logo and got paid for it.
Out of the N18.3 Billion FBN spent that year on advertising and promotions using our logo,no kobo was paid to us for creating and designing their 125th Year Anniversary. There has been a serious ethical decline in FBN and these are just the symptoms and we are victims of the unethical misconduct of those charged to run FBN

FarahAideed:
This is clearly a game of Ego and not of mismanagement like the CBN wants you to believe....very poor handling by the CBN , this is beginning of crisis for FBN

Stop being petty.
You see high level of of abuse of Insider credit. How can Otudeko of Honeywell, a former first bank chairman taking 75 billion naira as at 2017. Enough to float 3 Nigeria commercial banks. And had been defaulting. CBN tried to stabilize by telling them to provide for write off loans of 150bn over 4 consecutive years
Common that is just one case. Even Awosika the chairman would be involved. Her companies The Chaircentre and Solos is struggling.
The board simply abused privileges

MadeMan01:


Stop being petty.
You see high level of of abuse of Insider credit. How can Otudeko of Honeywell, a former first bank chairman taking 75 billion naira as at 2017. Enough to float 3 Nigeria commercial banks. And had been defaulting. CBN tried to stabilize by telling them to provide for write off loans of 150bn over 4 consecutive years
Common that is just one case. Even Awosika the chairman would be involved. Her companies The Chaircentre and Solos is struggling.
The board simply abused privileges

Cool down you don't know Board room politics so cool down

Profayo:
I am scared for First bank because anytime the government interferes in anything, it definitely fails

CBN is an independent institution.
Soludo's 2004 consolidations and interference is why the banking sector is thriving today.
Most of them would have gone bankrupt.

Sammy07:


CBN IS the apex, the commercial banks needs to follow due process to do some things else CBN will sanction dem.

If you study finance, economics, banking and finance, accounting in school, you'll know this.

Under Banking Laws and Regulations

CBN is foolish for trying to micromanage banks.
Regulation is not dictatorship. CBN which has woefully failed in his primary duty shouldn't
be interfering in banking internal issues.
Time will tell.

MadeMan01:
Most Nigerian motivation speakers are criminally inclined

Watch your tongue!

xtremecr8:

Thank you so very much sir.
We will not relent. We toiled day and night to create that 125th Year Anniversary logo for First Bank Plc. Their balance sheet showed that they paid someone else for the logo we created and designed for them but it is not us.

Between Mrs Folake Ani-Mumuney ,Mr Adeduntan, the sacked board and God, there's a secret only God using EFCC/CBN and men/women of good conscience in this land can expose who the Adeduntan-led management claimed created our logo and got paid for it.
Out of the N18.3 Billion FBN spent that year on advertising and promotions using our logo,no kobo was paid to us for creating and designing their 125th Year Anniversary. There has been a serious ethical decline in FBN and these are just the symptoms and we are victims of the unethical misconduct of those charged to run FBN

Why are you not in court if you had a contract with them and they breached it?
Even if it is a case of stolen design, it can also be resolved via the court.
There are lawyers who can take your case pro bono if it is a genuine one.

Not every business issue can be resolved via activism!

Womanizer:


Willfully neglecting to pursue recovery of a mammoth loan that has clearly gone bad and shielding the insider cum related party who is responsible for those loans is mismanagement anyhow you want to look at it!

Here we go again.
Where in CBN official communication did you get this from?
We seriously are very bad at sticking to the main issue without deviating and instead
bringing up tangential ones to defend some wrongdoing.

Anfield247:

Watch your tongue!

Keyword MOST

9jaRealist:


What are you on about?

The CBN has been soft on FBN...
Which Oba Otudeko have virtually turned into a personal piggy bank.

All the insider loans from years ago remain unresolved...
As well as the disallowed FBN investment in Otudeko’s Honeywell.
>

The sacked CEO who spent 6 years without doing anything about this so-called insider loans.
So how is this related to his sack?

Agbegbaorogboye:

The question is how she got there in the first place. For her to have made such a move against the MD shows she's in cahoots with Otudeko. If she got there purely on her merit and not just connections, no how would she be ready to swim or sink with Otudeko. It was clear from start the CBN would never take that decision lying low given that Emefiele himself is a former bank MD.

The sacked CEO did nothing about Otudeko for the last six years he has been at the top.
We are just too sentimental from citizens to leaders!

31 million people operates a First bank account.
Thats huge!
I dont know who have more customers between FBN & GTB

ivolt:

The sacked CEO did nothing about Otudeko for the last six years he has been at the top.
We are just too sentimental from citizens to leaders!

Exactly. The ceo was there for 6 years, didn't do anything about otudeko, that means, he was complicit in the arrangement.

mrbrodaman:
Na CBN do am this thing so?


I remember when Awosika was one of the guest speakers at a televised program organized by Daystar Christian center. She was really endorsing the Buhari government and subtly insinuating that she and a couple of "visionaries" actively supported the incoming government.

Funny how things took a different turn.

Buhari disappointed a lot of people.
You don't vote based on sentiments.
Nigeria learnt that lesson the hard way.