Inside First Bank Board Shake-up: How vested interests divide Nigeria's oldest lender
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Nigeria, May 14 -- The battle for the control of Nigeria's oldest lender, First Bank of Nigeria Limited, among two power blocs dominated by key shareholders with interests in its ownership, was at the heart of the recent shake-up of the bank's board, PREMIUM TIMES has learnt.
One of the blocks is led by Nigeria's second richest man, Mike Adenuga, insiders said.
On April 29, the CBN dismissed the boards of the bank and its holding company, FBN Holdings, in a dramatic move that came a day after the bank appointed a new managing director. The regulator reinstated the former MD of the bank, Adesola Adeduntan.
The regulator said First Bank, which has over 31 million customers with a deposit base of N4.2 trillion, shareholders' funds of N618...
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