Reinstating Adeduntan will boost investor confidence in FirstBank – Ex-CBN director

Dr Adesola Adeduntan CEO First Bank of Nigeria Ltd

Former director, budgeting department, Central Bank of Nigeria (CBN) Titus Okunrounmu has commended the apex bank for reinstating Adesola Adeduntan as managing director of First Bank of Nigeria Ltd.

Okunrounmu told NAN on Thursday that the CBN’s decision would boost investors’ confidence in the bank and dissuade them from withdrawing their investments due to earlier changes.

He blamed the bank’s boards for beginning the processes which consumed them by unlawfully sacking Adeduntan and appointing Gbenga Shobo as the new managing director.

Okunrounmu said the steps taken by the apex bank would save investments of individuals and corporate entities in FirstBank.

The former CBN director said the bank’s boards did not follow due processes in removing Adeduntan.

“What the bank did was wrong because they can’t do whatever they liked as there are procedures regulating the financial sector,” he said.

“What the apex bank did was in order because they were trying to check abuse of power exhibited by the boards of First Bank.”

Okunrounmu urged major players in the financial sector to do what is right in order to save the banking sector from collapsing again.