Thursday, August 5, 2021

Reinstating First Bank’s MD will boost investor confidence – Ex-CBN director

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Rayyan Alhassan
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or, or @Rayyan88 on Twitter.
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The former Director, Budgeting Department, Central Bank of Nigeria, CBN, Titus Okunrounmu, has commended the apex bank for reinstating Adesola Adeduntan as Managing Director of First Bank Nigeria PLC.

Mr Adeduntan said that the CBN decision would boost investors’ confidence in First Bank Nigeria Plc.

According to the newsmen, CBN Governor, Mr Godwin Emefiele, had on Thursday in Abuja, announced the sack of the boards of First Bank Nigeria.

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He also directed the reinstatement of its former Managing Director/Chief Executive, Mr Adesola Adeduntan.

Mr Okunrounmu said the pro-active step by the CBN would ensure investors into the commercial bank did not withdraw their investments due to the earlier changes.

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In an interview with newsmen on Friday in Ota, Ogun, Okunrounmu said the reinstatement of Adeduntan was ‘fitting’.

He blamed the First Bank boards for beginning the processes, which consumed them, by unlawfully sacking Adeduntan and appointing Mr Gbenga Shobo as the new Managing Director.

Okunrounmu said that the step taken by the apex bank would save investments of individuals and corporate entities in First Bank.

The former CBN director said that the boards of First Bank of Nigeria did not follow due processes in removing Adeduntan.

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According to him: “What the bank did was wrong because they can’t do whatever they liked as there are procedures regulating the financial sector.

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“What the apex bank did was in order because they were trying to check abuse of power exhibited by the boards of First Bank.’’

Okunrounmu urged major players in the financial sector to willingly do what is right in order to save the banking sector from collapsing again.

He regretted that people’s unwillingness to do the right things had contributed to the challenges of the financial sector and the country at large.


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