Dr. Ayoola Oba Otudeko and three others were
yesterday, axed from the board of First Bank of Nigeria. Our check
reveals that Oba Otudeko removal has to do with central bank
regulations, which disallow directors to
stay on the board for more than twelve years. However, Oba Otudeko who
has served on the board for almost twelve years, will be replaced by
Prince Ajibola Afonja, effective Jan 1, 2011.
In line with the CBN regulation, the bank has also appointed Ibrahim Dahiru Waziri; Tunde Hassan-Odukale; Khadijah Alao Straub; and Obafemi
Adedamola Otudeko as Non-Executive Directors.
While Bello Mohammed Maccido replaces Dr. Yerima Ngama, an executive director, who was muzzled to resign.
Other members of the board removed alongside Oba Otudeko are Alhaji Abdullahi Mahmood, General Garba Duba (Rtd.), and Mr. Oye Hassan-Odukale.
A statement issued by the bank management reads:
“In
line with the Bank’s long-standing commitment to best-of-breed
corporate governance practice, especially our commitment to continuity
and a constant rejuvenation of the Board of Directors, and consistent
with the provisions of the relevant sections of the Central Bank of
Nigeria’s Code of Corporate Governance for Banks, I wish to inform you
of the retirement of the Chairman, Dr. Ayoola Oba Otudeko from the Board
effective December 31 2010”...
“Along
with the Chairman, three other Non-Executive Directors, Alhaji
Abdullahi Mahmood, General Garba Duba (Rtd.), and Mr. Oye Hassan-Odukale
also retired their appointments from the Board effective December 31
2010”.
“At
a meeting of the Board of Directors held yesterday, and where these
retirements were announced, the Board underlined its emphasis for
continuity by appointing Prince Ajibola Afonja, previously a
Non-Executive Director, as Chairman with effect from January 1 2011. The
Board also appointed the following new Non-Executive Directors: Ibrahim
Dahiru Waziri; Tunde Hassan-Odukale; Khadijah Alao Straub; and Obafemi
Adedamola Otudeko”.
“Meanwhile,
the Board has accepted Dr. Yerima Ngama’s resignation from the Board
with effect from December 31 2010 in order to pursue newer challenges.
Bello Mohammed Maccido was appointed an Executive Director in place of
Dr Ngama with effect from January 1 2011”.
Comments