Former chairman of First Bank Nigeria (FBN) Limited, Mrs. Ibukun Awosika has reacted to her sack by the Central Bank of Nigeria (CBN).
According to a statement she posted on her Instagram titled, ‘My FBN Group Journey’ Awosika said the decision to sack the reinstated Managing Director and Chief Executive Officer (CEO) of the bank, Adesola Adeduntan, was taken in the best interest of the institution.
Recall that the First Bank through Awosika had announced the appointment of Mr Gbenga Shobo as the new Managing Director and Chief Executive Officer (CEO) of First Bank of Nigeria Limited with effect from April 28.
However, the CBN rejected the move by the bank’s board of directors.
CBN argued that the tenure of Adeduntan was yet to expire, adding that it is not aware of any report from the board indicting the managing director of any wrong-doing or misconduct.
The New Diplomat had also reported that the CBN, in a follow-up action to its query, sacked Dr. Oba Otudeko as Chairman of FBN Holdings PLC and other board members from their respective positions. Also, Awosika was sacked as Chairman of First Bank Limited alongside the entire members of the bank’s board.
Following their ouster, CBN Governor, Godwin Emefiele named Remi Babalola as the new Chairman of First Bank, while Tunde Odukale will now chair the FBN Holdings. Dr Sola Adeduntan, who had been earlier removed as the Managing Director of the bank was also reinstated.
Reacting to the development, Awosika maintained that she “acted in honor and integrity with the utmost interest of the institution, all our stakeholders and the nation.”
Awosika, who took to her official Instagram Page, stated that she worked effortlessly with her other colleagues to “rebuild and restructure” the institution’s future since she was appointed as the chairman of the bank on January 1st, 2016.
She wrote, “In October 2010, I was appointed to join the board of First bank of Nigeria.
“A few months later, I was appointed to chair the board of its startup FBN Life Insurance Limited (a joint venture with Sanlam of South Africa). As its pioneer chairman, I had the privilege of working with a strong management team led by Val Ojumah.
“Together with the rest of our team we built a company that became profitable in twenty four months and continues to be so.
“In early 2013, I was moved from FBN Life Insurance Ltd to assume the chairmanship of FBN Capital working with a brilliant team led by Kayode Akinkugbe as the Managing Director.
“We worked hard to build the institution, bought Kakawa Discount House which I was again asked by the Group to Chair.
“We eventually merged the companies to create the FBN quest Merchant Bank Group, which I chaired until my appointment as chairman of First Bank of Nigeria on January 1st 2016.
“For over five years, I have worked with a dedicated team of board and management, with the support of the Central Bank of Nigeria to rebuild and restructure the institution for its future.
“This included cleaning up non-performing loans, establishing good operational governance systems and processes, building controls and an effective and robust risk management system.
“I am confident we have brought First Bank of Nigeria to a place where it is more than able to deliver utmost value to its stakeholders and the nation at large.
“As a board, we acted in what we clearly believed to be in the best interest of the bank and we had great plans and aspirations for where the bank could go to in its future, building on all the work that has already been done in the last five plus years.
“Without a shadow of doubt, I will unequivocally state that I have always acted in honor and integrity with the utmost interest of the institution, all our stakeholders and the nation.”
