₦airaland Forum

OJURONGBE1:
31 million people operates a First bank account.
Thats huge!
I dont know who have more customers between FBN & GTB

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

mt77:
If it was paid off in stock options , CBN will not be referring to it as near bad debt but would have recognized the successful repayment using that option. How viable are those Honeywell stocks? Who opted for that solution are a way of repaying the loan? CBN is not in agreement with that option and therefore has directed that a divestment be made from Honeywell and B.Airtel.
The problem was generated by insider loan which is being difficult to recover. And it may look like the last board was not prepared to take hard decisions that may hurt as expected by CBN.

Bagehot:
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 . . .

FarahAideed:
The divestment order was given 4 years ago and it's left for the bank to find the best opportunity to sell the stocks at the right price and to the right buyer ...these things are complex

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!

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

ivolt:
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.

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!

jaxxy:
Yes bt emefiele asked for the reason the CEO was removed the board said have given their valid reasons if any. It’s either the current CEO was ment to fix the Otudeko issue bt wasn’t given free hand or the new CEO is an oteduko boy to do his bidding.

If u look at Emefiele only reverses people to their former positions and changed board of directors.

The chairman is as responsible as the CEO she was removing.

Sammy07:
Lol..
Just like saying the President shouldn't involve if the states finances are having crisis

ivolt:
The CBN is not the president of the banks.

Even going with your wrong analogy, a president should not interfere if a state house is trying to impeach a governor
with the legal power they possess.
It is none of his business and should be condemned if he tries such. But we are too sentimental as a people.

A board carrying out its legal duties is not a "crisis".

Sammy07:
You don't know what you're saying because its out of your scope of study.
Try to learn.

ivolt:
It is you who don't understand the issue for calling a regulator, a president and declaring removal of a CEO, a "crisis".
I am not surprised though, I have seen some people blame EFCC for not arresting kidnappers and bandits.

Sammy07:


Stop saying rubbish.

Read Controlling of failing banks, Section 63 part 6 of Banking Rules and Regulation and cure your ignorance.


You keep on saying rubbish that's out of your scope of study.

ivolt:
Controlling of failing banks?
What is a failing bank?
You have confused the ability to read with comprehension.

According to a statement released after the briefing titled, ‘Developments at First Bank Nigeria Limited,’ Emefiele said the decision was taken “to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd”.

The statement partly read, “CBN directs immediate removal of all Directors of First Bank Nigeria Limited and First Bank Holdings Plc.

CBN reassures First Bank of Nigeria depositors, creditors and other stakeholders of the bank of its commitment to ensure the stability of the financial system.

Nenyezz:
You mean FBN and Access?

ivolt:
This is the same excuse we make for our leaders too.
They aren't given free hands but would never mention it until a crisis erupt.
No bank CEO has a free hand in any country in the world. They have their job to do and the board and regulators has theirs.



The board has the right to remove a CEO. Even presidents gets impeached before their tenure is up.
If the CBN wants to take away such power and start hiring and firing
CEOs itself, then it should send a new bill to the national assembly instead of background bullying.

Emefiele has released a statement and the reasons for his actions is now clearer.
He dissolved the board because he told them not to fire the CEO and they refused.
I hoped to see how they violated board rules but he failed to mention such.

MikeMicheal:
The recent layoffs is really an Eye-opener to the hidden misconducts happening in that bank.

It seems the money meant to be paid to you has been pocketed by some individuals, who then reported on the sheet that the money went to the designer, to avoid having an unbalanced sheet during auditing and the likes.

Meanwhile, I don't know how you have been able to gather the courage to keep pushing to get paid, even after 2 whole years.

Your "never give up" spirit is really out of this world; worth emulating.

Smile4mee01:
Guys the story long.

Adedutan was apparently sacked and not retired like they earlier said. So adedutan took the matter to CBN. What happened was that Otunba otudeko, chairman and owner of Honeywell wanted some uncollatarized additional loan from FBN using shares as collateral which is against the ethics of banking. If you remember well, the baking crisis of Nigeria was once attributed to this. Shares is an investment a volatile asset.

So as you know 9ja now, they use ojoro sack adedutan put thier guy there.

See ehn alot of dirty rackets are happening in banking , not just here in Nigeria but worldwide.

So CBN gave them FBN Query, for honey well to pay within 48hrs its outstanding loan. So all the people who approved the precious loan not following due process are affected.

This life ehn, oga get oga.

My advice : As an employee, dont be loyal to your company o, mind your business. When the chips are down, your compnay no send you.

This same banks get internal audit department ooo, claiming they are monitoring everything. Sacking ppl who floated procedures.

Did anybody see the sharing of cash to victims of a fire market in the North. I thought there was cashless policy. Smh

Still love the bank, not the people.

slydog:
Simple reinstatement plus warning is not enough deterrent.
In the banking industry, before you are promoted to the rank of Manager, Senior Manager, Assistant General Manager, Deputy General Manager, GM, Deputy Managing Director and MD, your name will be forwarded to the CBN for vetting and approval. How much more the MD of a systemic important bank like FBN.
The former board said it's part of their policy that no MD will stay beyond 10 years, that is true and good corporate governance, but fell fowl of the law by not informing the CBN.

Welding the big stick will further prevent other banks from making this mistake that is just avoidable.

What I see here is Awosika and gang still want to cover up Oba Honeywell. Now honeywell is in big shit, they have to pay up.

Adetayo1978:
I don't know what wrong I've done to First Bank Plc. The bank has not paid me dividend on the shares I've with them for many years now.

DWJOBScom:
Well said

This was just a mild corporate coup

MadeMan01:
. Even Awosika the chairman would be involved. Her companies The Chaircentre and Solos is struggling.
The board simply abused privileges

boyjo:
Kindly confirm, someone said the new board by CBN is still the same people that were sacked by CBN?

slydog:
The chairman of the holding company and MD of the bank were in the previous board.
Adekunle Sonola for example lost out from becoming CEO of Union Bank so he retired. Glad to see him bounce back as board member of fbn

boyjo:
Clearly against Awosika.

DWJOBScom:
She refused to stand her ground and the coup was against Adesola not Awosika

boyjo:
Okay.
Why I said so is because Adesola's side wins.
All former Board Director were retuned.
Only Awosika seems to be out.
That's why.

DestroyEvil:
You wish! It's not gonna change any time soon. The earlier you choke to death on the fact that the 2 Biggest Nigerian Banks of all Time are Yoruba GTB and Yoruba First Bank the better for your irredeemable sad Igbo Souls. All Igbos Satanic envious campaign of Calumny against all Great Institutional Thrones of Yorubas can never demote or reduce our Greatness that Igbos have continually suicidally died for Generations to have. You will haven't gotten it into your numb skulls, Yorubas are the Greatest Special Souls on Earth. When next you see a Yoruba, duff your hat, kowtow and bow!