S&P: CBN’s action underscores confidence in Firstbank’s team

The Central Bank of Nigeria (CBN)’s intervention in the boardroom crisis in First Bank Group, which resulted in the reinstatement of Dr. Adesola Adeduntan as Managing Director/ Chief Executive Officer, First Bank of Nigeria Ltd and re-appointment of other executive directors, underscores the apex bank’s confidence in the existing management team to continue the turnaround of the Tier 1 lender, S&P Global Ratings has said.

In a statement released late on Tuesday, the agency said that the CBN’s ordered board changes in First Bank of Nigeria Ltd and FBN Holdings “address the banking group’s corporate governance challenges and ensure the Nigerian banking sector’s financial stability.” It further stated that the apex bank’s action, “while disruptive in the near-term, may signal a more direct and possibly decisive supervisory approach to alleged failings in the management and governance of regulated institutions.”

S&P Global Ratings, however, said: “Our ratings on FBN and other Nigerian banks remain constrained by shortcomings in corporate governance and transparency, among other factors.” Citing the ouster of Adeduntan without regulatory approval, CBN recently dissolved and reconstituted the boards of First Bank of Nigeria Ltd and FBN Holdings and also reinstated the FBN CEO. According to S&P Global Ratings, “Adeduntan’s reinstatement and the re-appointment of the other executive directors underscores CBN’s confidence in the existing management team to continue the turnaround of the third-largest banking group in Nigeria, which has total assets of N 7.7 trillion.




Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...




%d bloggers like this:
Fake Richard Mille Replica Watches, The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica