The Central Bank of Nigeria(CBN) has laid off all directors of First Bank and its holding company, FBN Holdings Plc.
Furthermore, the regulator has also reinstalled Sola Adeduntan as the managing director and chief executive officer of the bank. Prior too this, he was removed by the board.
This announcement was made by the governor of the central bank, Godwin Emefiele, on Thursday.
He announced the constitution of an interim board to stabilize the lender.
Those newly appointed members of the interim board are: Remi Babalola, chairman of FBN Holdings Plc, Peter Aliugo, Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Alimi Abdulrasaq, Ahmed Modibo, and Khalifa Iman.
The bank also appointed Tunde Hassan-Odukale as the new chairman of First Bank Limited, alongside Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Dodo, Remi Oni, Gbenga Sobo and Abdullahi Ibrahim.
The development move came as a result of the move made by the bank to remove Mr Adeduntan, without obtaining regulatory clearance.
