Nigeria: Ethnic Youth Leaders Hail CBN's Reorganisation of First Bank

30 April 2021

Abuja — The Nigeria Ethnic Youth Leaders Council,NELC, has lauded the reorganisation of the First Bank of Nigeria,FBN,by the Central Bank.

The group said the decision of the Governor of the Central Bank of Nigeria,CBN, Godwin Emefiele, to relieve some key board members of First Bank Nigeria and First Bank of Nigeria Holding Plc,was timely.

The council, which is made up of the Arewa Consultative Youth Movement, Ohanaeze Ndi Igbo Youth Movement, Niger Delta Youth Council, Oduduwa Youths and Middle Belt Youths, also hailed the apex bank's decision to reinstate the bank's Managing Director, Dr Sola Adeduntan, who was earlier sacked by the former board led by Mrs Ibukun Awosika.

The NELC,in a statement, Friday,in Abuja, through Nwada Ike Chiamaka,

Ohanaeze Secretary General and Head of Coalition Secretariat, expressed "delight that the CBN under Emefiele is committed to due diligence in all its activities."

The statement read:"We note with delight that the CBN under Emefiele is committed to due diligence in all its activities.

"We are aware that the Awosika-led board singlehandedly removed Adeduntan and named a new Managing Director,MD,without approval from the regulatory body as required by law.

"The swift response by the CBN is therefore, timely and commendable.

That action which saw to the reinstatement of Adeduntan as MD and constitution of an interim board to clean up and stabilise the bank is indeed in the right direction.

"This step has gone a long way in protecting the interest of the people and saved innocent depositors' fund.

"The council also has noted with interest the reason adduced by Emefiele for the CBN to take this laudable step."

Recall that in announcing the development on Thursday, the CBN governor had attributed the decision to what he called insider abuse, abuse of insider credit and breakdown of corporate governance.

"These are indeed grave issues that need to be addressed squarely to save the bank and the entire banking sector.

"We therefore call on the Economic and Financial Crimes Commission to work with the CBN to properly investigate and prosecute those involved in the said insider abuse and loan bazaar in the bank.

"This, we believe, will go a long way in serving as deterrent to others and further sanitizing the sector for the benefit of all., the statement read.

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