First Bank: decision to sack MD is in the best interest of institution

First Bank: decision to sack MD of the bank is in the best interest of the institution.


Former chairman of First Bank Nigeria Limited, Mrs. Ibukun Awosika has said that the decision to sack reinstated Managing Director of the bank, Adesola Adeduntan, was done in the best interest of the institution.

Awosika in a statement released via her Instagram account, said the decision to end the tenure of Adeduntan as the bank’s Managing Director was taken in the bank’s best interests.

“In October 2010, I was appointed to join the board of First Bank of Nigeria and appointed the board of its startup FBN Life Insurance Limited a few months later.

“Together with the rest of our team we built a company that became profitable in twenty-four months and continues to be so.

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“I have worked with a dedicated team of board and management for over five years and I am confident that we have brought First Bank of Nigeria to a place where it is more than able to make delivery of utmost value to 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.

“Also, I want to specifically state that I have always acted in honor and integrity with the interest of the institution, our stakeholders and the nation at heart,” the statement said.

Recall that the Central Bank of Nigeria (CBN) earlier sacked all board members/directors of First Bank Holding and First Bank Nigeria Limited.


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