‘I Acted in Honour & Integrity For The Interest Of First Bank’ – Ibukun Awosika Speaks On Her Sack By CBN

First Bank Chairman, Ibukun Awosika has disclosed that she acted in honour and integrity with the utmost interest of the institution, all stakeholders, and the nation.

The Central Bank of Nigeria (CBN) had last Wednesday removed all directors of First Bank Nigeria Limited and those of its parent company, FBN Holdings Plc including Ibukun Awosika, and the Chairman of First Bank Holding, Oba Otudeko.

The apex bank had queried the Board of the bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer and appointing Gbenga Shobo as MD/CEO designate without regulatory approval.

At a press briefing held on April 29, Godwin Emefiele, the governor of the CBN, queried the board of directors’ decision to remove Adeduntan without due consultation with regulatory authorities.

Emefiele reinstated Adeduntan as the managing director and chief executive officer of First Bank of Nigeria Limited.

Awosika took to Instagram on Friday to speak on the development.

In October 2010, I was appointed to join the board of the First Bank of Nigeria.

A few months later, I was appointed to chair the board of its start-up 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 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.

Thank you.


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