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  • FCMB Confirms Edun As New MD

    FCMB Confirms Edun As New MD

    The Board of Directors of FCMB Group Plc has announced the appointment of Yemisi Edun as the Managing Director of First City Monument Bank (FCMB) Limited.

     

    This announcement is subsequent to the end of  service of the bank’s former Managing Director, Adam Nuru.

     

    The Board had earlier reviewed media allegations made  in late 2020 against the former MD and did not establish any contravention of its policies.

     

    The Board of Directors of FCMB thanks Mr Nuru for his years of dedicated service and wishes him all the best in his future endeavours.

     

    Prior to this appointment, the new Managing Director, Yemisi Edun was the Executive Director/ Chief Financial Officer of the bank and previously served as the acting Managing Director.

     

    With a work experience spanning nearly 35 years, Yemisi Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

     

    She is a Fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst, CFA®️ Charter holder.

     

     She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

     

     

  • CBN Sacks All First Bank Holdings Directors, Reinstates Sola Adeduntan As MD

    CBN Sacks All First Bank Holdings Directors, Reinstates Sola Adeduntan As MD

     

    The Central Bank of Nigeria (CBN) has reinstated Sola Adeduntan as the Managing Director And Chief Executive Officer of First Bank of Nigeria Limited.

     

    Godwin Emefiele, Governor of the CBN, announced this during a press briefing on Thursday.

     

    He also ordered the immediate removal of all directors of FBN Limited and FBN Holdings Plc.

     

    Emefiele directed the constitution of an interim board to clean up and stabilise the tier-1 lender.

     

    The apex bank appointed Remi Babalola as the interim chairman of FBN Holdings Plc, while other members appointed include, Peter Aliugo, Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Alimi Abdulrasaq, Ahmed Modibo, and Khalifa Iman.

     

    The CBN, however, directed U.K. Eke to remain as the Group Chief Executive Officer of FBN Holdings Plc.

     

    Tunde Hassan-Odukale is the new chairman of First Bank Limited; other members include Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Dodo, Sola Adeduntan as managing director, Remi Oni, Gbenga Sobo and Abdullahi Ibrahim.

     

    On Wednesday, the CBN had queried the board of First Bank of Nigeria Limited over the removal of Sola Adeduntan, without due consultation with regulatory authorities.

     

    “The CBN was not made aware of any report from the board indicting the managing director of any wrong-doing or misconduct; there appears to be no apparent justification for the precipitate removal,” the letter signed by Haruna Mustafa, CBN’s director of banking supervision, read.

     

    “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 expiry of his second tenure, which is due on December 31, 2021.”

     

    Speaking during the press briefing, Emefiele said the apex bank suspected that the board removed Adeduntan because he took some decisions which were not in line with the major shareholders of the bank “who felt hurt and felt he should be removed”.

     

    “This is a bank were depositors’ fund is almost 10 times shareholders’ fund, our interest is to protect depositors and minority shareholders who have no voice in this business. We will not sit idle and allow this to continue,” Emefiele said.

     

    “I spoke to Mr. Oba Otudeko (chairman of First Bank Holdings), he refused to grant my entreaties. I had to call two of his major shareholders to call him to ask the board not to take such decisions without the approval of the CBN. He refused to pick the calls of these shareholders — who are also owners of the bank.

     

    “I called him the second time, I heard on another phone one of the shareholders begging him not to take that decision, he insisted on taking that decision. I sent the shareholder back to the office of Mr. Oba Otudeko to appeal to him to suspend the decision, he refused to see the shareholder. I feel we have done our best and we would not allow a shareholder who cannot subject himself to regulatory control and authority to remain as the director of a bank.”