Nigeria, April 30 -- The management of FBN Holdings PLC, the parent company of First Bank, says the holding company and the bank will cooperate with the new directive from the Central Bank of Nigeria.

The company made this known on Friday through a corporate disclosure to the Nigerian Exchange Limited. The statement was signed by the company secretary, Seye Kosoko.

The regulator sacked the board of the bank and its holding company on Thursday, in a dramatic move that came a day after the bank named a new managing director.

First Bank, Nigeria's premier bank, has for years been plagued by "bad credit decisions, significant and non-performing insider loans and poor corporate governance practices", the CBN said Thursday.

In a speech to j...