BREAKING: CBN sacks all board members of First Bank of Nigeria, First Bank of Nigeria Holding

The governor of the Central Bank of Nigeria, Godwin Emefiele, has just sacked the entire members of the board of First Bank Holding and First Bank Nigeria Ltd.

The sack was announced on live television, covered by Arise TV and other news channels. Emefiele, in his speech, cited insider abuse, insider credit and breakdown of corporate governance as the reason behind the apex bank’s move.

The CBN governor further went ahead to announce that Dr Sola Adeduntan had been reinstated as the Managing Director of the interim Board.

More detail soon…