Nigeria’s Central Bank Sacks Entire First Bank Board

Central Bank Governor Godwin Emefiele has confirmed the immediate removal of the entire board of First Bank of Nigeria, appointing new directors. Emefiele said that "for years the bank has been plagued by "bad credit decisions, significant and non-performing insider loans and poor corporate governance practices". The governor added that the bank was in a "grave financial condition" when the regulator become involved in its management in 2016. The regulator helped First Bank regain a firm footing after the lender had heaped up an avalanche of bad loans that threatened its survival. Emefiele announced the reinstatement of Sola Adeduntan as the managing director and chief executive officer of the bank, a day after he was removed by the board.

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