Nigeria, April 30 -- FBN Holdings PLC, the parent company of Nigeria's oldest lender First Bank of Nigeria Limited, saw its share price fall by 6.76 per cent at Thursday's trading session in Lagos, the sharpest plunge since December 10, as the bank faced a stringent regulatory action by the Central Bank of Nigeria.

The 125-year old bank rankled industry watchdog CBN on Wednesday, when the Ibukun Awosika-led board announced the appointment of Gbenga Shobo, its deputy managing director, as its managing director/chief executive officer, saying Adesola Adeduntan, its CEO, had retired.

The apex bank reacted through a letter to Mrs Awosika, saying no consultations were made with regulatory authorities before the corporate decision was reached...