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First Bank of Nigeria

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2021

    Central Bank intervention and board removal

    In April 2021, the Central Bank of Nigeria removed the entire board of First Bank of Nigeria after stating that the bank was in a grave financial condition. The action raised questions about governance, risk management, and oversight within the operating bank and its holding-company structure.

    Source

  2. 2015

    First Bank pledges cooperation with CBN

    Company response

    First Bank of Nigeria said it was cooperating with the Central Bank of Nigeria and other regulators after the CBN made board changes at the bank and its parent amid a boardroom crisis and allegations of insider abuse.

    Company response

    • Clarification — First Bank of Nigeria Limited

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

    Source excerpt

    • Emefiele told journalists that with the changes, the bank must assume its leadership position in the industry, adding that the central bank will be looking into allegations of insider abuse in the bank and will ensure that corporate governance is restored.
    • First Bank of Nigeria Limited on Friday embraced the board changes effected by the Central Bank of Nigeria (CBN), just as the financial institution disclosed that Dr. Adesola Adeduntan has resumed as Managing Director/Chief Executive Officer.
    • The CBN had on Thursday removed all directors of First Bank Nigeria Limited and those of its parent company, FBN Holdings Plc to stave off a boardroom crisis that led to the short-lived retirement of Adeduntan, on Wednesday.
    Source