First Bank assures customers of smooth running of operations

First Bank, Nigeria’s third largest lender, on Friday assured its customers across the country of smooth running of operations, saying there was no cause for panic.
The assurance followed the termination of appointment of the former board members of the bank and the Holding Company, and the reconstitution of the new board by the Central Bank of Nigeria (CBN).

The CBN also reinstated Adesola Adeduntan, managing director, whom the bank had replaced with Gbenga Shobo on Wednesday.

In a statement signed by Folake Ani-Mumuney, group head, marketing & corporate communications on Friday, the bank confirmed that the it is cooperating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.

“We further wish to reassure the public, our esteemed customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference, “The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the Bank and position it as a banking industry giant.”

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Following the press conference held by the Governor of the Central Bank of Nigeria, Godwin Emefiele CON on Thursday, 29 April 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.

The Board of Directors of First Bank of Nigeria Limited is now comprised as follows, Tunde Hassan-Odukale – Chairman, Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Elijah B. Dodo, Adesola Adeduntan FCA – Managing Director/ Chief Executive Officer, Gbenga Shobo – Deputy Managing Director, Remi Oni – Executive Director, Abdullahi Ibrahim – Executive Director.

Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN, the statement said.

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.