Banking
First Bank Saga: CBN Reaffirms Authority, Reinstate Adesola as MD
By Adekunle Abolaji
The Central Bank of Nigeria (CBN) has sacked the Board of Directors of First Bank of Nigeria and reinstated Adesola Adeduntan as the Managing Director.
The apex bank also appointed new Directors comprising Dr Fatade Abiodun Oluwole, Kofo Dosekun, Remi Lasaki, Dr Alimi Abdulrasaq, Ahmed Modibbo, Khalifa Imam, Sir Peter Aliogo, and UK Eke (Managing Director) as Directors of FBN Holdings Plc. Remi Babalola was appointed as the Chairman.
The reaffirmation of Adesola Adeduntan as the Managing Director of First Bank by the central bank is a strategic and bold decision aimed at stabilizing Nigeria’s financial sector.
Adesola Adeduntan, the Managing Director of First Bank is a miracle-working banker. Unlike the middling marabou, his miracles aren’t deceptive in nature rather each one is an event that creates faith in his abilities as fiscal guru and bank chief. Adeduntan is not just an administrative Managing Director (MD) but a seasoned leader.
Administrators are always cheap and easy to find, and even cheaper to keep but leaders are worth their weight in gold. Leaders are risk-takers and they are often in very short supply; ones with enduring vision, however, like Adeduntan, are pure gold.
When he assumed the mantle of leadership at First Bank, pundits believed he had come in to play the role of an undertaker due to the destructive plunder visited on the bank by its previous directors.
However, Adeduntan eventually rescued the bank from collapse. Besides entrenching a culture of professionalism and excellent results in the bank, he ensured that there are no more dirty deals going on within the bank’s halls.
There’s sanity in First Bank even as you read. The bank chief understands that leadership is not just about operationalising some empty formulae but establishing a deep connection at the group and personal levels through service, determination, uprightness, and poise.
Within the period, he has transformed the bank via visionary initiatives and he has also done a great deal to reclaim debts owed the bank by defaulting clients. Since he assumed leadership, he has outlawed dirty loan deals and is currently on a very successful crusade to reclaim huge loan debts from the bank’s chronic debtors.
Little wonder some disgruntled elements within the bank want him out by all possible means.
According to the letter doing the rounds and also signed by Haruna B. Mustafa, this particular letter noted that CBN’s attention had been drawn to media reports that the Board of Directors had approved the removal of the current Managing Director of the bank, Dr Sola Adeduntan and appointed a successor.
The apex bank stated that it was concerned that this action was taken without due consultation with the regulatory authorities especially given the systemic importance of First Bank Ltd.
The bank noted that since Adeduntan’s tenure was yet to expire and there was no report from the Board of any infraction, there, therefore, appears to be no apparent justification for the removal.
The CBN said it was particularly concerned because the purported removal of Adeduntan was coming at a time the CBN has provided various liquidity support to reposition the bank.
“It is also curious that to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure which is due on December 31, 2021,” it added.
“The removal of a sitting MD/CEO of a systematically important bank that has been under regulatory forbearance for 5 to 6 years without prior consultation and justifiable basis has dire implications for the bank and also portends significant risks to the stability of the financial system.
Dr Adesola was appointed the Executive Director/Group Chief Financial Officer of First Bank, in July 2014. As the Executive Director/Group CFO, he handled the banks’ financial control, internal control and enhancement, business performance management, treasury and procurement functions.
After 2years with First Bank, Dr Adesola was appointed the Managing Director of the bank, succeeding Bisi Onasanya. He resumed the role on the 4th of January 2016.
Dr Adesola’s office covers the bank’s commercial banking subsidiaries which include: FBN UK, FBN Ghana, FBN DRC, FBN Guinea, FBN Gambia, FBN Mortgages, and First Pension Custodian Limited.
After Adesola concluded his compulsory NYSC service year, he got a job at the main branch of Afribank (Nig) Plc, Ibadan, as a graduate trainee. He worked at Afribank for 18 months, carrying out different banking operations, including cash management, clearing, credit risk management, and foreign operations.
Dr Adesola left Afribank in September 1995 and started working with Arthur Andersen Nigeria. He rose to a managerial role in the firms’ financial department, before leaving the firm in May 2002.
As a manager, Dr Adesola pioneered and supervised the statutory audit of some leading Nigerian banks. Before he became a manager, he was the lead instructor of the local office basic accounting training and induction course in 1999. In 2000, he served as an instructor at the Andersen World-Wide induction training for new hires in Eindhoven, Netherlands.
Adekunle Abolaji, a Business Journalist, wrote from Lagos.
By Aduragbemi Omiyale
The creative industry in Nigeria may have nothing to worry about with the likes of Stanbic IBTC Bank around the corner.
The financial institution, which has not hidden its love for the sector, has promised to continue with its strategic investment in the country’s designers and artists.
Speaking at an event, An Evening of Fashion, Art & Lifestyle, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mr Olu Delano, represented by the Head of its Private Banking Segment, Ms Layo Ilori-Olaogun, said the company was proud to be associated with the programme, which it also sponsored.
“At Stanbic IBTC, we recognise Nigeria’s creative sector as a vital driver of economic diversification, employment, and global cultural influence.
“We are proud to support the individuals behind these platforms that elevate African excellence and provide visionary talents the visibility that they deserve.
“Nights like this reaffirm our commitment to continued strategic investment in our artists and designers,” he stated.
The invitation-only ceremony, which was held at The Garden, Federal Palace Hotel, Victoria Island, Lagos, hosted by Africa’s leading luxury fashion house, 2207bytbally, in collaboration with the acclaimed art collective Torrista, brought together high-net-worth individuals, art collectors, designers, media personalities, and luxury brand executives for an unparalleled showcase of creativity and sophistication.
The evening opened with a breathtaking runway presentation featuring three signature segments from the Evolve collection by 2207bytbally: Denim, Ethnic, and 2207 Prints. Each piece exemplified the meticulous craftsmanship, bold innovation, and cultural storytelling that has established the brand as a standard-bearer in African luxury fashion.
Complementing the couture was a curated exhibition by Torrista, transforming the venue into an immersive gallery. Commissioned artworks exploring themes of culture, femininity, and evolution created a robust visual dialogue with the collections, demonstrating the seamless harmony that can result when fashion and fine art converge.
“This evening was about more than clothes or canvases; it was about showing the world that African creativity is limitless. When fashion and art share the same space, magic happens, and tonight, Lagos felt that magic,” the Creative Director of 2207bytbally, Tolu Bally, stated.
By Modupe Gbadeyanka
The six edition of the Hackaholics of Wema Bank Plc has produced 20 top finalists shared equally between two streams, Ideathon and Hackathon.
The Hackathon finalists are Rapid DEV, Secure IT, Neurafeed, Trust Lock Babcock, Pulse Track, IlluminiTrust, Trust Lock FUTA, Fix Fraud AI, KASH Flow and VOC AI.
The Ideathon finalists include PLOY, Fertitude, VarsityScape, Mama ALERT, StockMed, Chao, All Arbitrate, FarmSlate, Sane AI and Cycle X.
They emerged after a two-day pre-pitch held on December 16 and 17, 2025, for the grand finale slated for Friday, December 19, 2025.
They grand finale of Hackaholics 6.0 will convene the top players in Africa’s tech and innovation ecosystem, creating an avenue for these finalists to not only put their creativity to the ultimate test but also give their solutions visibility to potential investors for additional funding opportunities beyond the prizes to be won.
The prizes to be won for the Ideathon include N25 million for the winner, N20 million for the first runner-up, N15 million for the second runner-up and N5 million each for two women-led teams.
In the Hackathon category, the first to fourth-place winners will receive N20 million, N15 million, N10 million and N5 million, respectively.
The pre-pitch saw the top 43 contenders battle in a game of innovation and problem solving, presenting compelling pitches for a chance to make it to top 10 in their respective streams.
After a rigorous stretch of pitches and presentations, the top 20 emerged, securing their spot in the grand finale of Hackaholics 6.0.
“Hackaholics started off as a hackathon and morphed into an ideation. For Hackaholics 6.0, the sixth edition, we decided to give both the builders of new solutions and the refiners of existing ones, an opportunity to make meaningful impact.
“For us at Wema Bank, we understand that innovation isn’t just building from scratch. Sometimes, it’s looking at what exists and developing new ways to optimise that and create more efficiency. This is the idea behind our two-stream Ideathon-Hackathon structure.
“Every year, Hackaholics shows us just how eager and motivated Nigerian youth are when it comes to exploring creativity and innovation, and we are honoured to be the institution that provides them with the platform and resources to put this drive to good use.
“We toured seven cities, indulged 1,460 participants and discovered hundreds of remarkable ideas; some of which needed some refining and some of which deserved to move to the next stage.
“For those who needed to go back to the drawing board, we provided useful guidance and for the top contenders, we were able to shortlist to the top 43, who proceeded to the pre-pitch. To every participant, Wema Bank is proud of you. This is just the beginning,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) says it will enforce penalties against designated banks that delay the remittance of customs revenue, in a move aimed at strengthening transparency and safeguarding government earnings.
This was disclosed in a statement on the NCS official account on X, formerly known as Twitter and signed by its spokesman, Mr Abdullahi Maiwada, who said the delays undermine the efficiency, transparency, and integrity of government revenue administration.
“The Nigeria Customs Service has noted instances of delayed remittance of customs revenue by some designated banks following reconciliation of collections processed through the B’odogwu platform,” the statement read.
“Such delays constitute a breach of remittance obligations and negatively impact the efficiency, transparency, and integrity of government revenue administration.
“In line with the provisions of the Service Level Agreement executed between the Nigeria Customs Service and designated banks, the Service hereby notifies stakeholders of the commencement of enforcement actions against banks found to be in default of agreed remittance timelines.”
Mr Maiwada disclosed that any bank that fails to remit collected Customs revenue within the prescribed timeline will be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the period of the delay.
He added that affected banks would be formally notified of the delayed amounts, the applicable penalty, and the deadline for settlement.
“Accordingly, any designated bank that fails to remit collected Customs revenue within the prescribed period shall be liable to penalty interest calculated at three per cent above the prevailing Nigerian Interbank Offered Rate for the duration of the delay.
“Affected banks will receive formal notifications indicating the delayed amount, applicable penalty, and the timeline for settlement,” the statement read.
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