By BUKOLA IDOWU, Lagos
Investors continued to react to the shake-up in the management of First Bank of Nigeria Limited and its parent company, FBN Holdings Plc, with the share price taking a beating as the new management assured its customers and investors of the stability of the bank.
In a statement made available to Leadership Weekend yesterday, the financial conglomerate’s new management said it was cooperating with the Central Bank of Nigeria and other regulators while the operations of the bank were not hampered or hindered in any way but were in fact running smoothly.
The CBN had on Thursday sacked the board of FBN Holdings and FBN Limited in a chain of reactions that started with the removal of Adesola Adeduntan as the managing director and chief executive of the banking arm.
On Wednesday when the board of the bank announced the change in leadership, the share price moved upward although it closed at the value which it opened N7.40 having recorded 69.47 million units of its shares valued at N514.3 million that changed hand in 243 deals.
Following the query by CBN on the sudden change in baton without informing regulators on Thursday, April 29, the share price took a beating dropping by 6.76 per cent from N7.40 to N6.90 as 51.52 million units of the shares of the bank valued at N359.82 million changed hands in 527 deals
On Friday, the price remained unchanged despite 95.28 million of its shares valued at N641.15 million that changed hand in 663 deals, after the CBN announced the re-instalment of Adeduntan as the managing director, dissolved the board of the bank and the hold company, announcing a new board.
FBN in a statement issued yesterday said; “We refer to the CBN’s pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited.
“Further to the press conference held by the governor of the Central Bank of Nigeria, Mr. Godwin Emefiele on Thursday, the boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.
The new board of the bank now has Mr. Tunde Hassan-Odukale as the chairman, Dr. Adesola Adeduntan as the MD/CEO, Mr. Gbenga Shobo as deputy managing director, Dr. Remi Oni and Mr. Abdullahi Ibrahim as executive directors. Other members of the board are; Mrs. Tokunbo Martins, Mr. Uche Nwokedi, Mr. Adekunle Sonola, Ms. Isioma Ogodazi, Mr. Ebenezer Olufowose and Mr. Ishaya Elijah B. Dodo.