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The immediate past chairman of First Bank Nigeria Limited, Mrs. Ibukun Awosika has broken her silence since her sack by the Central Ban of Nigeria.<\/span><\/strong><\/p>\n <\/p>\n Awosika insisted that the decision to sack reinstated Managing Director of the bank, Adesola Adeduntan, was taken in the best interest of the institution.<\/span><\/p>\n <\/p>\n According to her, she maintained consistency in her contributions to development of the bank in over five years as chairman.<\/span><\/p>\n <\/p>\n Awosika explained she joined the bank\u2019s board in October 2010 after which she was appointed to chair the board of FBN Life Insurance Limited.<\/span><\/p>\n <\/p>\n The Central Bank of Nigeria (CBN) wielded the big stick on Awosika and Chairman of FBN Holdings, Mr. Oba Otudeko on Thursday.<\/span><\/p>\n <\/p>\n The CBN named Mr. Remi Babalola as replacement for Otudeko (FBN Holdings Chairman) and Tunde Hassan-Odukale as Mrs. Awosika\u2019s replacement FBN (Chairman).<\/span><\/p>\n <\/p>\n Awosika, in a statement shared on Instagram, titled \u201cMy FBN Group Journey\u201d, stated the decision to end the tenure of Adesola Adeduntan as the bank\u2019s Managing Director was taken in the bank\u2019s best interests.<\/span><\/p>\n <\/p>\n But the Central Bank of Nigeria (CBN) rejected the move by the bank\u2019s board of directors<\/span><\/p>\n <\/p>\n CBN argued the tenure of Adeduntan was yet to expire.<\/span><\/p>\n <\/p>\n She said: \u201cIn October 2010, I was appointed to join the board of First bank of Nigeria.<\/span><\/p>\n <\/p>\n \u201cA few months later, I was appointed to chair the board of its startup FBN Life Insurance Limited (a joint venture with Sanlam of South Africa). As its pioneer chairman, I had the privilege of working with a strong management team led by Val Ojumah.<\/span><\/p>\n <\/p>\n \u201cTogether with the rest of our team we built a company that became profitable in twenty four months and continues to be so.<\/span><\/p>\n <\/p>\n \u201cIn early 2013, I was moved from FBN Life Insurance Ltd to assume the chairmanship of FBN Capital working with a brilliant team led by Kayode Akinkugbe as the Managing Director.<\/span><\/p>\n <\/p>\n \u201cWe worked hard to build the institution, bought Kakawa Discount House which I was again asked by the Group to Chair.<\/span><\/p>\n <\/p>\n \u201cWe eventually merged the companies to create the FBN quest Merchant Bank Group, which I chaired until my appointment as chairman of First Bank of Nigeria on January 1st 2016.<\/span><\/p>\n <\/p>\n \u201cFor over five years, I have worked with a dedicated team of board and management, with the support of the Central Bank of Nigeria to rebuild and restructure the institution for its future.<\/span><\/p>\n <\/p>\n \u201cThis included cleaning up non-performing loans, establishing good operational governance systems and processes, building controls and an effective and robust risk management system.<\/span><\/p>\n <\/p>\n \u201cI am confident we have brought First Bank of Nigeria to a place where it is more than able to deliver utmost value to its stakeholders and the nation at large.<\/span><\/p>\n <\/p>\n \u201cAs a board, we acted in what we clearly believed to be in the best interest of the bank and we had great plans and aspirations for where the bank could go to in its future, building on all the work that has already been done in the last five plus years.<\/span><\/p>\n <\/p>\n \u201cWithout a shadow of doubt, I will unequivocally state that I have always acted in honor and integrity with the utmost interest of the institution, all our stakeholders and the nation.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" The immediate past chairman of First Bank Nigeria Limited, Mrs. Ibukun Awosika has broken her silence since her sack by the Central Ban of Nigeria. Awosika insisted that the decision to sack reinstated Managing Director of the bank, Adesola Adeduntan, was taken in the best interest of the institution. According to her, […]<\/p>\n","protected":false},"author":1,"featured_media":987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[8,15],"tags":[599,598,26],"class_list":["post-986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-business-news","tag-first-bank-chairman","tag-ibukun-awosika","tag-sack"],"yoast_head":"\n