CBN Fires First Bank Directors - Politics

CBN Fires First Bank Directors - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › CBN Fires First Bank Directors (47940 Views)

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CBN Fires First Bank Directors by Officialhorlah(op): 7:17pm On Apr 29, 2021

The Central Bank of Nigeria wielded its big stick on First Bank of Nigeria Limited as the apex regulator of the activities of commercial banks on Thursday when it fired the entire members of the board of First Bank Holding and First Bank Nigeria Ltd.

The PUNCH had earlier reported that the apex bank queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, as appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

The CBN had also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.

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

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Re: CBN Fires First Bank Directors by jlinkd78(m): 7:17pm On Apr 29, 2021*

This Govt want to make people panic when they have not been able to create anything and 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 as revealed by Obaseki now wants to crash First Bank, regarded as the Rock of Gibraltar Bank, same way big names like Oceanic Diamond Banks , Intercontinental Banks went out of space cos of conflict of interests. Tell me one good thing that has been achieved under this administration of Presidency

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Re: CBN Fires First Bank Directors by yanabasee1(m): 7:20pm On Apr 29, 2021

Is first bank a branch of CBN?

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Re: CBN Fires First Bank Directors by xtremecr8: 7:22pm On Apr 29, 2021*

Hmmm. This life ehn! This is the board of the same bank we appealed to to pay us for designing their 125th Year Anniversary logo and their Directors told us to go to court but we know there's a God of Justice.

This is the same board and Management we appealed to concerning our ongoing predicament in the hands of the Mr Adeduntan-led management that suffered and humiliated us.

We created an iconic 125th Year Anniversary logo for this same bank under this sacked board but the bank went behind us to use our logo for the whole celebration, spent a whopping N18.3 Billion on adverts and promotions that same year and never paid us a dime for designing their 125th Year Anniversary logo.

CBN should please prevail on First Bank Plc to pay us for our hardwork and toil on this logo we designed for them to commemorate their 125th Year Anniversary.

We deserve to get paid and we beg all well meaning men and women of this great country to help us appeal to FBN to pay us for designing their 125th Year Anniversary logo.

Here's the Nairaland thread on our predicament in the hands of the FBN management under Mr Adeduntan and appeal going on for years now

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

And here's our video narrating our ordeal

https://m.facebook.com/ReportYourself/videos/723288038412109/?refsrc=https%3A%2F%2Fm.facebook.com%2FReportYourself%2Fvideos%2F723288038412109%2F&_rdr

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Re: CBN Fires First Bank Directors by Nobody: 7:23pm On Apr 29, 2021*

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.

CBN Statement

"The problems at the bank were attributed to bad credit decisions, significant and non-performing insider loans, and poor corporate governance practices. The shareholders of the bank and FBN Holding Plc also lacked the capacity to recapitalize the bank to minimum requirements. This conclusions arose from various entreaties by the CBN to them to recapitalize.

Notwithstanding the significant improvement in the bank’s financial condition with positive trajectory of financial soundness indicators, the insider related facilities remained problematic. The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank

The CBN’s recent target examination as at December 31, 2020 revealed that insider loans were materially non-compliant with restructure terms (e.g. non perfection of lien on shares/collateral arrangements) for over 3 years despite several regulatory reminders. The bank has not also divested its non-permissible holdings in non-financial entities in line with regulatory directives"

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Re: CBN Fires First Bank Directors by Karlovych: 7:24pm On Apr 29, 2021

Seems like internal politics, at least they will be compensated very well and won't find it difficult getting another job.

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Re: CBN Fires First Bank Directors by Nobody: 7:26pm On Apr 29, 2021

yanabasee1:
Is first bank a branch of CBN?

CBN is the regulator

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Re: CBN Fires First Bank Directors by Nobody: 7:26pm On Apr 29, 2021

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 bank my parents have all their savings.

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

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Re: CBN Fires First Bank Directors by Nobody: 7:27pm On Apr 29, 2021

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.

https://techcabal.com/2021/04/29/cbn-first-bank-otudeko/

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Re: CBN Fires First Bank Directors by Six30: 7:27pm On Apr 29, 2021

Re: CBN Fires First Bank Directors by AsomughaChuks05: 7:28pm On Apr 29, 2021

Soon CBN will start employing workers for banks. The CBN lost focus as the economic headlight of the country since Prof. Chukwuma Soludo left with his robust financial/economic policies.

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Re: CBN Fires First Bank Directors by MrSamsung(m): 7:28pm On Apr 29, 2021*

I wonder the age group of people still using First bank

That bank got lot of issues, nonsense and problems that I don't want to mention

I guess the name FIRST lured them.

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Re: CBN Fires First Bank Directors by Racoon(m): 7:29pm On Apr 29, 2021

Lawlessness everywhere.Seems FBN copied the Buhari government tyrannic abuse of powers

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Re: CBN Fires First Bank Directors by Nobody: 7:30pm On Apr 29, 2021

RuudVanNisteroy:
https://techcabal.com/2021/04/29/cbn-first-bank-otudeko/

How does otudeko loan and the board relate huh

?

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.

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Re: CBN Fires First Bank Directors by Nobody: 7:32pm On Apr 29, 2021

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 also read the part we’re they gave First Bank 48 hours to collect payment of the N75 billion loan given to Honeywell owned by Oba Otudeko.

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Re: CBN Fires First Bank Directors by yanabasee1(m): 7:33pm On Apr 29, 2021

RuudVanNisteroy:
CBN is the regulator

Then, they should regulate and stop banks from charging us unnecessary...

Should we be paying for ATM maintenance?

Should we be paying for ATM cards?

The banks use every of our saved monies to loan out and in return, we have debits instead. .

They pleased us to be saving up in the bank and impose cashless policies on us...

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Re: CBN Fires First Bank Directors by DDDEnterprises: 7:34pm On Apr 29, 2021

MrSamsung:
I wonder the age group of people still using First bank

That bank got a lot of issues, nonsense and problems that I don't want to mention

I guess the name FIRST lured them.

"issues, nonsense and problems" cheesy

I love your use of diction.

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Re: CBN Fires First Bank Directors by Nobody: 7:37pm On Apr 29, 2021

RuudVanNisteroy:
Did you also read the part we’re they gave First Bank 48 hours to collect payment of the N75 billion loan given to Honeywell owned by Oba Otudeko.

It does not relate with the board change.

The reason why cbn rejected the change have been stated above.

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Re: CBN Fires First Bank Directors by RenaissanceGuy: 7:40pm On Apr 29, 2021*

yanabasee1:
Then, they should regulate and stop banks from charging us unnecessary...
Should we be paying for ATM maintenance?
Should we be paying for ATM cards?
The banks use every of our saved monies to loan out and in return, we have debits instead. .
They pleased us to be saving up in the bank and impose cashless policies on us...

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?

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...

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?

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Re: CBN Fires First Bank Directors by ecolime(m): 7:41pm On Apr 29, 2021*

CBN versus Otudeko/Awosika.

Where will this end? Having looked at both sides, I have to support CBN on this one. We can't allow toxic godfatherism in banking. Not even a bank of this size and history.

FirstBank is a systemic important bank and everything needed to protect it must be done at all cost.

Hottest boardroom politics so far this year cry

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Re: CBN Fires First Bank Directors by LagbajaTheBEREAN: 7:41pm On Apr 29, 2021

Observing...

Re: CBN Fires First Bank Directors by SmartPolician: 7:41pm On Apr 29, 2021

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

Abeg my money dey first Bank oh shocked

I no wan hear stories that touch

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Re: CBN Fires First Bank Directors by MANNABBQGRILLS: 7:41pm On Apr 29, 2021

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

Where there is no law there is no sin.
Where we have laws, then it must be followed to the letter.

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Re: CBN Fires First Bank Directors by Dailymice: 7:41pm On Apr 29, 2021

Re: CBN Fires First Bank Directors by Nobody: 7:41pm On Apr 29, 2021

thebosstrevor1:
It does not relate with the board change.

The reason why cbn rejected the change have been stated above.

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.

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Re: CBN Fires First Bank Directors by GreaterFuture3: 7:41pm On Apr 29, 2021

Hmmn

Re: CBN Fires First Bank Directors by MANNABBQGRILLS: 7:42pm On Apr 29, 2021

The Central Bank of Nigeria wielded its big stick on First Bank of Nigeria Limited as the apex regulator of the activities of commercial banks on Thursday when it fired the entire members of the board of First Bank Holding and First Bank Nigeria Ltd.

Good to know that our other darling mommy is not affected.
She issa Role Model to us and many Nigerian ladies out there.
We love you mom. kiss

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Re: CBN Fires First Bank Directors by TalkTalkTwins(m): 7:42pm On Apr 29, 2021

I think everything is Nigeria is just jaga jaga
GTB is my favorite bank, but they have only two branches in Imo State, like a whole state o.

Omo
Now the issues we're facing is they don't send alerts anymore, and mobile app is not loading.
So anytime you check your balance with USSD, you're charged normal rate plus #10.

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Re: CBN Fires First Bank Directors by MikeMicheal(m): 7:42pm On Apr 29, 2021

THIS SPACE IS DEDICATED TO xtremecr8 WHOM FIRSTBANK REFUSED TO PAY.

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

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Re: CBN Fires First Bank Directors by lessonotes(f): 7:42pm On Apr 29, 2021*

I watched the other tread with dismay and intrigue as fellow Nairalanders were asking what is the concern of CBN with FBN and that wetin concern CBN with the appointment of an MD of one of the oldest but shaking Banks in Nigeria.

Well it is not far fetched. FBN has been shaking financially for a while, which prompted CBN to support them. This their recent shaky system can not be too far from when the FBN Holding Chairman and a very large shareholder divested huge sums of money into 2 of his interest companies. I think these ventures didn't turn profitable, so FBN bore the brunt.

https://secretsreporter.com/empire-debt-oba-otudekos-honeywell-company-owes-first-bank-n70-billion-using-position-board-chairman/

This caught the eye of CBN and so they waded in; because if they allow CBN to go the way of bankruptcy, CIBN cannot help depositors and the shock will be too unbearable for the Nigerian Economy. So they've been patching and patching the Bank through financial support.

Well this intervention gave CBN a say and they made reference to it in the last query within 24 hrs "Re: Audited FIRS Accounts for the Financial Year Ended December 31, 2020,” revealed that the bank was yet to divest its interest in HoneyWell Flour Mills, Barti Airtel and other non-permissible interest."

So this new action is not out of order. CBN now calls the shot in the Bank and so depositors funds is safe, but a bad investment has been done and CBN would find a way out of this mess.

I think First Bank wins.

https://techcabal.com/2021/04/29/cbn-first-bank-otudeko/

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