The apex bank also ordered the immediate removal of all the directors of FBN Limited and FBN Holdings PLC.
Just a few hours ago, the apex bank had issued the Board of First Bank of Nigeria PLC a query for the removal of its Managing Director, Dr Sola Adeduntan.GOVERNOR’S STATEMENT ON THE PURPORTED MANAGEMENT CHANGE AT THE FIRST BANK OF NIGERIA LTD2.0 The media has been awash with commentaries on the purported management changes at First Bank of Nigeria Ltd and the related regulatory inquiry by the Central Bank of Nigeria to the Board of First Bank of Nigeria Limited.
5.0 The bank maintained healthy operations up until 2016 financial year when the CBN’s target examination revealed that the bank was in grave financial condition with its capital adequacy ratio and non-performing loans ratio substantially breaching acceptable prudential standards. Change of management team under the CBN’s supervision with the appointment of a new Managing Director/ Chief Executive Officer in January 2016.Grant of the regulatory forbearances to enable the bank to work out its non-performing loans through provision for write-off of at least N150b from its earning for four consecutive years.
8.0 The measures had yielded the expected results as the financial condition of FBN improved progressively between 2016 when the forbearance was initially granted to the current financial year. For instance, profitability, liquidity and CAR improved whilst NPL reduced significantly.
My last 2k in my account, I've withdrawn it, I hate insubordination😊
If you need a quick loan with no collateral needed and you are a federal government worker kindly contact me via 08167779870, my Company LAPO mfb gives loan at an affordable interest rate.
Interesting time
I never knew CBN had power to sack directors in commercial banks.
I cannot but laugh. I remember Sanusi Lamido and that pain still hurts. It shows you what a failed nation can do to you. FBNH or FBN has been turned into national cake. The Fulanis-Hausas and their slaves Yoruba and Igbos are taking their pie. Keep it up failed nation.
That’s why they sack him ☹️
Interesting times indeed.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.