Sola Adeduntan, the once powerful Managing Director and CEO of Nigeria’s oldest bank, First Bank has suddenly resigned engulfed some say, in the swirling intrigue following the shocking cancellation of the extraordinary general meeting of the financial institution planned for April 30, 2024.
A board meeting of the bank then chaired by Ibukun Awosika had voted on April 28, 2021 for Adeduntan to be retired but he regained his position after sacked CBN Governor Godwin Emefiele instead fired the board and kept him.
It is unclear why the bank boss is leaving now but First Bank has had a policy by which Managing Directors of the bank were allowed only two terms of three years each.
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Adeduntan’s six-year term of three years each should have ended in December of 2021 as the Awosika led board had voted and the “illegal” third term which he via Emefiele’s intervention got should be ending in December this year. This is leading market watchers to say he has not left on his own choosing.
In a statement by the holding company which was titled “EXTRAORDINARY GENERAL MEETING: CANCELLATION NOTICE,” the acting company secretary, Adewale Arogundade said, “notice is hereby given that the Extraordinary General Meeting earlier scheduled to be held virtually on Tuesday, April 30, 2024, at 10 a.m for the consideration and authorization of the Company to undertake a Capital raise of up to NGN300,000,000.00 (Three Hundred Billion Naira), and other ancillary matters is hereby CANCELLED. Further Information will be provided in due course, as appropriate.”
Details to follow
Source: Business Day
