First Bank: I acted in honour – Awosika

Mrs Awosika says that the board had great plans and aspirations for where the bank could go to in its future By Oladeinde Olawoyin May 2, 2021 A former Chairman, Board of Directors of First Bank of Nigeria Limited, Ibukun Awosika, has said that she acted in honour and integrity when she chaired the board of the embattled bank. Mrs Awosika made this known in a statement on Friday titled, ‘My FBN Group Journey’. The former chairman was removed by the Central Bank of Nigeria on Thursday, alongside all the board members of the bank. The decision, the apex bank said, was made “to protect 31 million customers, minority shareholders of First Bank of Nigeria Ltd.” The CBN also announced the immediate appointment of Tunde Hassan-Odukale as Chairman of the bank. Mr Hassan-Odukale, until his appointment, was the Managing Director of Leadway Assurance Company. PREMIUM TIMES earlier reported how Adesola Adeduntan was removed as Managing Director/Chief Executive Officer of the bank. This newspaper also reported the appointment of Gbenga Shobo as MD/CEO designate, a move the apex bank said was made without regulatory approval. Reacting to the furore on Friday, Mrs Awosika said she worked with others to restructure the bank. “For over five years , I have worked with a dedicated team of board and management , with the support of Central Bank of Nigeria to rebuild and restructure the institution for its future,” she wrote. “This included cleaning up non performing loans, establishing good operational governance systems and processes, building controls and an effective and robust risk management system. “I am confident we have brought First Bank of Nigeria to a place where it is more than able to deliver utmost value to its stakeholders and the nation at large.” The ex-chair said that as a board, she and others acted in what they “clearly believed to be in the best interest of the bank.” She added that they had great plans and aspirations for where the bank could go to in its future, building on all the work that has already been done in the last five plus years. “Without a shadow of doubt, I will unequivocally state that I have always acted in honor and integrity with the utmost interest of the institution, all our stakeholders and the Nation,” she said. At various times, Mrs Awosika was chairman of the board of FBN Life Insurance Ltd, FBN Capital, and FBN quest Merchant Bank Group, which she chaired until her appointment as Chairman of First Bank of Nigeria in 2016.