Sacked First Bank Chairman, Ibukun Awosika, Defend Ouster of Reinstated CEO

Sacked First Bank Chairman, Ibukun Awosika, Defend Ouster of Reinstated CEO

- The former chairman of First Bank has reacted to the decision she made before her sack by the apex bank

- Ibukun Awosika and the board of First Bank had sacked Adesola Adeduntan eight months before his tenure

- The Central Bank of Nigeria had rejected the sack, stating that it wasn't consulted before the decision was taken

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The sacked chairman of First Bank, Ibukun Awosika, has defended her role in the leadership tussle of the commercial bank. Awosika had been sacked due to her involved in the ouster of the bank's Chief Executive Officer, Adesola Adeduntan.

Awosika and the bank had sacked Adeduntan before his tenure ended, and this caused a rift between the First Bank and the Central Bank of Nigeria (CBN). She and the company's board of directors were sacked by CBN as the apex bank was against their action.

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The financial regulator had stated that the bank didn't get approval for Adeduntan's sack. This led to the replacement of all the director in the board. But Awosika insisted that the sack of Adeduntan was the right thing to do.

Sacked First Bank Chairman, Ibukun Awosika, Defend Ouster of Reinstated CEO
First Bank former Chairman, Ibukun Awosika. Photo: Christinne Muschi/Bloomberg
Source: Getty Images

Awosika said she and the board acted in the best interest of the company and they had great plans and aspirations for First Bank to improve upon the work that has been done in the past five years. Along with the CBN and the sacked board, the former chairman said she had rebuilt First Bank in the five years she headed the bank, and also preparing the lender for the future.

Part of the rebuilding she listed was improving non-performing loans, robust risk management system, ensure good operational governance systems and processes and build controls.

Meanwhile, had previously reported that MTN Nigeria's SMS revenue is declining, and the company has hidden it from the public, including it into the other service revenue.

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The last SMS earnings released by MTN Nigeria, showed the revenue declined to N3.33 billion last year, failing to surpass the N3.66 billion it reported in 2019.

MTN Nigeria and other telecommunications companies have been struggling against WhatsApp and Facebook messager as subscribers have been regularly using the social media than SMS.


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