Boardroom Crisis : Hassan - Odukale Succeeds Ibukun Awosika As Chairman Of First Bank - THE DAILY CRUCIBLE

Breaking

Ads

Friday, April 30, 2021

Boardroom Crisis : Hassan - Odukale Succeeds Ibukun Awosika As Chairman Of First Bank



From Heritage Odih, Lagos

The Central Bank of Nigeria has
 announced the immediate appointment of Tunde Hassan-Odukale as Chairman of First Bank.

Until his latest assignment, Oye Hassan-Odukale, ex - Mayflower, was the Managing Director of Leadway Assurance Company.

 He replaced the Chairman, Board of Directors, Ibukun Awosika, after the Apex bank axed her and all the board members of the First bank.

Awosika was appointed First Bank Chairman in September 2015, making her one of the first women to hold the esteemed position.
                      • Hassan

 Hassan-Odukale holds Bachelors and Masters Degrees in Business Administration from the University of Houston, and has since 1994 held the position of Managing Director/ CEO of Leadway Assurance Company Limited, a frontline  underwriting firm in Nigeria and has nearly two decades experience of the insurance world.

Besides, he was a Non-Executive Director on the Board of First Bank of Nigeria Plc. between 1999 and 2010 and was before now, the current Chairman of FBN Bank (UK) Ltd, a fully owned subsidiary of FirstBank in the city of London.

The new Chairman of First Bank Plc is a Munich Re scholar, Securities and Exchange Commission accredited Investment Manager and Portfolio Advisor.

Meanwhile,First Bank of Nigeria Limited on Friday disclosed that its Chief Executive Officer, Dr. Adesola Adeduntan, who was earlier relieved of position, has resumed to his office in the same capacity.

The bank also said it would  cooperate with the Central Bank of Nigeria on the board newly constituted for the bank.

This followed the pronouncement on the reconstitution of new board of directors for the bank by the Central Bank of Nigeria yesterday.

During  a press conference in Abuja by the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, in Abuja on Thursday, said 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.

However, in a statement today titled ‘Corporate statement on the new board constitution’, First Bank said, “Dr. Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.

“We can confirm that the bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the bank are not hampered or hindered in any way and are in fact running smoothly.”

It added that: “We further wish to reassure the public, our esteemed customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference.

“The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system.

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

The board of directors of First Bank of Nigeria Limited now comprised of Mr Tunde Hassan-Odukale – Chairman; Mrs Tokunbo Martins; Mr Uche Nwokedi; Mr Adekunle Sonola; Ms Isioma Ogodazi; Mr Ebenezer Olufowose; Mr Ishaya Dodo; Dr. Adesola Adeduntan – managing director/ chief executive officer; Mr Gbenga Shobo – deputy managing director; Dr. Remi Oni – executive director; and Mr Abdullahi Ibrahim – executive director.

The Daily Crucible reports earlier that the Central Bank of Nigeria wielded the big stick heavily on First Bank of Nigeria Limited, weeding out the entire members of the board of First Bank Nigeria Ltd and First Bank of Nigeria Holdings Plc in one fell swoop.

It recalls that the apex bank which regulates the banking activities of all commercial banks in the country, queried the Board of the  bank for sacking Adesola Adeduntan as the Managing Director/Chief Executive Officer, and appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

The CBN had also faulted the appointment of the quartet of Abdullahi Ibrahim as deputy managing director, Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu as executive directors.

But later in the day on Thursday, the CBN Governor, Godwin Emefiele, announced the sacking of all members of the board of the bank for the supposed affront.
Persons affected by the CBN's hammer are Mrs Oba Otudeko, Ibukun Awosika among others.

The Apex bank reinstated with immediate effect, Adesola 
Adeduntan as the Managing Director/Chief Executive Officer and 
thrashed the appointment of Gbenga Shobo as MD/CEO designate.

Gbenga Shobo was appointed into the exalted position without the  regulatory approval of the CBN, it was learnt.

Justifying  the removal of the First Bank directors while briefing newsmen in Abuja, CBN Governor, Godwin Emefiele,  said the decision was taken by the management of CBN, following the query which the CBN had earlier issued the Board of First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, without regulatory approval.

Emefiele said : “Following further review of the situation and in order to preserve the stability of the bank so as to protect minority shareholders and depositors, the management of the CBN, in line with powers conferred on it by the Banks and Other Financial Institutions Act 2020, has approved and hereby directs as follows:

“The immediate removal of all the directors of First Bank of Nigeria Limited and First Bank of Nigeria Holdings Plc.”

For the newly appointed directors of holding company, Emefiele named them to include Remi Babalola, as chairman and UK Eke as managing director.

Mr. Remi Babalola,  a former Minister of State for Finance, is now chairman of FBN Holdings. He takes over from Mr. Oba Otudeko who was chairman of First Bank for 12 years before assuming the position of Chairman of FBN Holdings in 2010.

No comments:

Post a Comment