“We Acted In The Best Interest Of First Bank” – Awosika

Former chairman of First Bank Nigeria Limited, Ibukun Awosika, says the decision to end the tenure of Adesola Adeduntan as the bank’s managing director was in the bank’s best interest.

On Wednesday, First Bank announced the appointment of Gbenga Shobo as its new managing director and chief executive officer.

The appointment was supposed to take effect from April 28.

However, the Central Bank of Nigeria (CBN) overruled the move of the bank’s board of directors.

CBN argued that the tenure of Adeduntan was yet to expire.

The apex bank stated that the board did not report the managing director of any wrongdoing or misconduct.

CBN’s governor, Godwin Emefiele, afterward, ordered the reinstatement of Adeduntan as MD of the tier-1 lender.

Emefiele also ordered the immediate removal of all directors of FBN Limited and FBN Holdings Plc.

In response to the development in an Instagram post on Friday, Awosika narrated how she has maintained consistency in her contributions to the development of the bank.

According to her, she joined the bank’s board in October 2010 after which she was appointed to chair the board of FBN Life Insurance Limited.

She wrote, “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 Central Bank of Nigeria to rebuild and restructure the institution for its future.

“This included cleaning up 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.”

Awosika, however, expressed confidence in the potential of the tier-1 lender.

She noted that she has always acted with honour and integrity in the best interest of the bank and its stakeholders.

She added, “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.”

Meanwhile, First Bank has announced the reinstatement of Adeduntan as managing director/chief executive officer.

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