Finance & Economy

FBNH Writes NGX On CBN Actions, Pledges full Cooperation

Few hours after the storm that swept out its former board and that of its flagship subsidiary, the management of FBN Holdings Plc, on Friday morning assured investors and other stakeholders through the Nigerian Exchange Limited that it is cooperating with the Central Bank of Nigeria (CBN) as the primary regulator, among others, to ensure business operations go on unhindered.

A FirstBank branch

In a statement on recent developments in FBN Holdings Plc and First Bank of Nigeria Limited, Seye Kosoko, its Company Secretary, confirmed that both organizations “are in fact running smoothly.”

He stressed the assurance given by Godwin Emefiele, the CBN governor to the depositors, creditors and other stakeholders of its “commitment to ensuring the stability of the financial system.

“There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant,” Emefiele stressed.

The group assured “investors that, we are aware of our responsibilities to our shareholders and will work to discharge those responsibilities in the manner expected of a company listed on the Premium Board of NGX Exchange Limited.

Recall that at the press conference held by Emefiele on Thursday, April 29, 2021, the boards of both institutions were dissolved and reconstituted, pursuant to the powers vested in the apex bank as the primary regulator of both. The reconstituted board of FBN Holdings Plc has Remi Babalola as chairman; with members as: Dr. Abiodun Oluwole Fatade, Mrs. Kofo Dosekun, Remi Lasaki, Dr. Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, and Sir Peter Aliogo, while Urum Kalu Eke retain his position as Managing Director.

The board of First Bank of Nigeria Limited, he continued, is now comprised of Tunde Hassan-Odukale, a major shareholder as chairman; Mrs. Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Ms. Isioma Ogodazi, Ebenezer Olufowose, and Ishaya Elijah B. Dodo. The CBN also retained Dr. Sola Adeduntan, whose sack led to the storm, as Managing Director and chief executive; while Gbenga Shobo, who was appointed substantive chief executive in the failed bid, was retained as Deputy Managing Director by the CBN, with Remi Oni and Abdullahi Ibrahim, as Executive Directors.

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