The Game of Thrones at First Bank as Chairman and MD are forced out by the CBN

On top of this, the recent appointment of more than a few directors to represent Otudeko’s and Otedola’s interests in the company has led to a possible boardroom showdown, with both shareholders seeking to leverage their positions to gain control of the holdco and the bank.

The CBN had earlier sacked Otudeko and the then Chairman of First Bank, Ibukun Awosika, following their failure to reinstate Adesola Adeduntan as the bank’s managing director and CEO, as directed by the regulator. This triggered a chain of events that led to the CBN’s removal of all boards of directors of FBN and its subsidiaries, including Otudeko’s ouster from First Bank and FBN Holdco.

However, with the recent acquisition of shares by Barbican Capital, Otudeko is seeking to regain control of the company. It is unclear how this battle will play out, but all parties concerned must prioritize the stability and growth of the company, putting aside personal agendas for the sake of all stakeholders, including shareholders, customers and employees. Only through collaboration can FBN Holdco and First Bank weather this storm and strengthen their position as one of Africa’s leading financial services providers.

In conclusion, the intrigues unfolding at First Bank is a situation that requires delicate handling if all stakeholders are to benefit. While Otudeko’s desire to regain control of the company is understandable, it is important that FBN Holdco’s stability and growth prospects are not undermined by any personal or politically motivated agenda. The Nigerian financial system is too crucial to be left at the mercy of such corporate clashes.