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 Modupe Gbadeyanka
Justice Emeka Nwite of the Federal High Court, Abuja, has ordered the remand of the chief executive of SunTrust Bank Limited, Ms Halima Buba, and the Chief Compliance Officer of the bank, Mr Innocent Mbagwu, in correctional facility pending the fulfilment of their bail conditions.
Ms Buba and Mr Mbagwu were brought before Justice Nwite on Friday, June 13, 2025, by the Economic and Financial Crimes Commission (EFCC) on a six-count charge bordering on an alleged fraud to the tune of $12 million.
Before the matter was adjourned till July 17 and 18, 2025, for continuation of trial, the judge granted the accused persons bail in the sum of N100 million each as well as one surety each, in like sum.
The sureties, he held, must have landed properties in Abuja of which the particulars of the properties would be deposited with the court. They are also to deposit their passports and two recent passport photographs with the court.
In addition, all the documents the sureties provided, including their residences must be verified by the court before approval, Justice Nwite ruled.
At the hearing today, Ms Buba and Mr Mbagwu pleaded not guilty to all the charges when they read to them, following which the lead prosecution counsel, Mr Rotimi Oyedepo (SAN) announced the readiness of the prosecution to proceed with the trial and prayed for accelerated hearing of the case.
But, the defence counsel, Mr J.J. Usman (SAN) on his part, reminded the court of subsisting bail applications of the defendants, dated May 27, 2025 and prayed that the court should uphold the applications and admit the defendants to bail.
One of the count read, “That you, Halima Buba, Managing Director/Chief Executive Officer SunTrust Bank Ltd, and Innocent Mbagwu being the Executive Director /Chief Compliance Officer SunTrust Bank Ltd on the 10th day of March, 2025 in Abuja within the jurisdiction of the court aided Femi Gbamgboye to make a cash payment of the sum of $3 million to Suleiman Muhammed Chiroma and associates without going through a financial institution and thereby committed an offence contrary to Section 2l(a), 2(1), 19(l)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 19 (2) (b) of the same Act.”
By Modupe Gbadeyanka
Stanbic IBTC Bank has reaffirmed its commitment to reshaping the journey to property ownership for Nigerians.
The company, at its 2025 Home Ownership Breakfast Session held in Lagos recently, said customers can always rely on it to access the different innovative home financing options tailored to meet their needs.
At the programme themed Building Tomorrow Today: Transforming the Path to Homeownership, the bank informed participants that its home loan solutions have competitive interest rates, flexible equity contributions, digitised mortgage calculator, and personalised advisory services designed to make homeownership a reality for all.
“Our vision is to turn dreams into addresses. The 2025 Home Ownership Breakfast Session is more than an event; it is a movement to empower Nigerians to build their futures, one home at a time.
“With our innovative financing options, we are breaking barriers and opening doors to lasting wealth,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
Business Post reports that the Lagos edition of the 2025 Home Ownership Summit brought together a dynamic mix of financial strategists, real estate experts, existing and aspiring homeowners.
Attendees were treated to a feast of insights, from navigating the intricacies of home financing to unlocking wealth-building opportunities through real estate.
There were engaging panel discussions, which delved into emerging real estate trends, the art of wealth protection through insurance, and the power of legacy building with wills and trusts, all seamlessly integrated with the expertise of the Stanbic IBTC Group.
Attendees left energised, armed with actionable strategies to transform their property ambitions into reality.
From interactive question and answer sessions to one-on-one consultations with financial experts, the event created a vibrant space for connection and learning.
Virtual participants joined the excitement through a seamless online platform, ensuring that Nigerians everywhere could tap into this transformative experience.
As the Lagos session sets the stage, anticipation builds for the upcoming Abuja edition later in July this year. Stanbic IBTC Bank continues to lead the charge in making homeownership accessible, proving that the path to owning a dream home is not just a possibility, it is a promise.
By Aduragbemi Omiyale
The chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, has explained why the company has consistently maintained top ratings over the past decade.
Mr Adeniyi, while reacting to the reaffirmation of Stanbic IBTC Holdings’ AAA(nga) rating by Fitch Ratings, with a stable outlook, noted that this consistency has been achieved because of its merger with Standard Bank Group (SBG) of South Africa.
“SBG’s strong integration with Stanbic IBTC, shared branding, and Pan-African strategy significantly contribute to our consistent top ratings.
“Stanbic IBTC Bank also retained its National Short-Term Rating of ‘F1+(nga)’, reflecting our exceptional capacity for timely financial commitments,” he stated.
The latest rating by Fitch is the highest rating on the national scale, marking over 10 consecutive years of maintaining this top-tier rating, underscoring its financial strength and commitment to Nigeria’s economic development.
It further validates Stanbic IBTC’s position as a trusted provider of integrated banking, asset management, pension, stockbroking, Fintech, trusteeship insurance, and investment solutions across Nigeria.
Fitch’s latest rating action reflects the strength of Stanbic IBTC’s operating model, its prudent risk management practices, and its strategic importance to its parent company, SBG, which holds a 67.55 per cent shareholding in Stanbic IBTC.
This remarkable achievement also underscores Stanbic IBTC’s unwavering commitment to financial stability and excellence.
The report highlights Stanbic IBTC’s strong corporate and investment banking franchise, diversified income streams, robust capital generation, and comfortable liquidity coverage. The Bank’s strong earnings are supported by high non-interest income and a wide net interest margin.
Fitch also noted the Group’s effective handling of credit risk, with its impaired loans ratio remaining below regulatory standards at 4.4 per cent, and a high 88 per cent specific loan loss coverage.
Liquidity levels remain comfortable across both local and foreign currencies, and the Bank continues to maintain a reasonable balance between deposits and loan disbursements.
The acting chief executive of Stanbic IBTC, Mr Adekunle Adedeji, said the “milestone speaks to our legacy of excellence, consistency, and long-term focus.”
“Being affirmed at ‘AAA(nga)’ for over a decade by a global rating agency like Fitch speaks volumes about our corporate governance structures, risk controls, and commitment to supporting the Nigerian economy. We are proud of what this means, not just for Stanbic IBTC, but also for our clients, shareholders, and partners,” he added.
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