Adesola Kazeem Adeduntan has been fired from First Bank after CBN fires the board of FBN Holdings. It was announced by Godwin Emefiele, Governor of The Central Bank of Nigeria.
The largest bank in Nigeria, FBN Holdings, had its board dismissed, and Godwin Emefiele identified insider trading, insider credit, and a breakdown in company law as the reasons.
Adesola Kazeem Adeduntan has been fired from the prominent bank as a result. The First Bank of Nigeria has a historical significance balance sheet, a sizable customer base, and a high degree of interconnectivity with other financial services firms, according to the governor, making it one of Nigeria’s systematically essential banks.
About Adesola Kazeem Adeduntan:
Adesola Kazeem Adeduntan born on 7 May 1969, is a Nigerian business executive.
The CBN reinstated Mr. Adesola Adeduntan as First Bank of Nigeria’s managing director and chief executive. Adeduntan had already been replaced as MD by the bank’s previous board.
As per the announcement and reports derived from the media, the board of directors has replaced the Managing Director of the bank, by appointing Dr. Sola Adeduntan to this post.
The tenure of Dr. Adeduntan was about to expire yet CBN didn’t direct any report from the Board showing that Managing Director is doing anything wrong which is suitable for targeting a removal.
Instead of his almost completed tenure, the Governor picked his name for Managing Director because of the following points:
- As they worked with Dr. Adeduntan since 2016 till now.
- They considered him for sorting the financial phases.
Dr. Adesola Kazeem Adeduntan is Corrupt:
Sorting and termination definitely take place because for some reason to it. In the Nigerian economy, their Governor Announced it due to corruption and loss and breakdown of governance, and inside abuse by shareholders, and obviously, we can say that Dr. Adeduntan is also part of that corruption chain.
CBN Governor Exposes the Corrupt Dealings of Adesola Kazeem Adeduntan
Godwin Emefiele, the Governor of the Central bank of Nigeria, has terminated the whole board of directors of First Bank of Nigeria Holdings Plc and its subsidiary First Bank of Nigeria Ltd. It was declared on April 29, Thursday in the early evening through the television broadcast.
“Adesola Kazeem Adeduntan Was Behind the Poor Financial State”
Godwin Emefiele targeted insider credit, insider abuse, and complete failure of corporate governance to be the reason for the sorting of the board of FBN Holdings which is the largest bank in Nigeria.
As per the statement of the Governor First Bank of Nigeria is one of Nigeria’s systematically important banks that provided its historical significance, balance sheet size, large customer base, and high level of interconnectivity with other financial service providers.
Another statement made by Godwin Emefiele by which we can judge and go through the conclusion of the weak economic situation of the bank. He said about the insider who took loans in the bank, with controlling influence on the board of directors.
Due to this action, the credit facilities were responsible for the weak financial state of the bank. According to the current examination on December 31, 2020, manifested inside loaners were insubordinate with restructure terms for over 3 years despite several regulatory reminders. The bank has also divested its non-permissible holdings in non-financial entities in line with regulatory directives”
So by this, we can lead to the conclusion that why the sacking was required to bring its economy to a healthy phase.
Governor Exposes the Corruption of Adesola Kazeem Adeduntan
At the same time, Emefiele made an understanding and trustful statement for the customers. He provided assurance for the First Bank of Nigeria depositors. Other stakeholders and creditors of the bank can also maintain the stability of the economic system.
Frequently Asked Questions About Adesola Kazeem Adeduntan
Who is Adesola Kazeem Adeduntan?
Adesola Kazeem Adeduntan born on 7 May 1969, is a Nigerian business executive. He is the Managing Director/Chief Executive Officer of First Bank of Nigeria Limited.
Where is Adesola Kazeem Adeduntan situated?
Adesola Kazeem Adeduntan is situated in Nigeria.
What did Adesola Kazeem Adeduntan do?
Adesola Kazeem Adeduntan is a business executive appointed as Managing Director/ Chief Executive Officer of the First Bank of Nigeria.
What is the net worth of Adesola Kazeem Adeduntan?
The net worth of Adesola Kazeem Adeduntan is $5 Million.
Who is the head of First Bank Academy?
Tolulope Uwadia, ACIPM – Head, FirstAcademy – First Bank of Nigeria Ltd.
Who is the highest shareholder in FBN?
The Chairman of FBN Holdings, FBNH, Mr. Tunde Hassan-Odukale, has been confirmed as the largest single shareholder of the company.
How many countries is First Bank operating in?
First Bank of Nigeria, is a Nigerian bank with branches in Ghana, South Africa, Guinea, Gambia, Sierra Leone, DRC, UAE, United States, UK, France, China, etc.
Adesola Kazeem Adeduntan Review 2023: Conclusion
Going through the research of Adesola Kazeem Adeduntan the Managing Director/Chief Executive Officer of the First Bank of Nigeria. We can see that he is an extremely corrupt individual, as he is part of the corruption chain that is responsible for the damaged financial status of Nigeria’s Banks.
At the same time, we can add that not only Adesola but the whole unit of Banks was involved to spoil the economical state. And this led to the phase of terminating the Board of Directors of FBN Holdings Plc.
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