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CBN fires Adenuga and three bank CEOs

Posted by Paul "EFCC" Hawk Adams on October 4, 2009 at 8:38pm
The Central Bank of Nigeria, on Friday, fired the chief executive officers of three of the 14 remaining banks at the conclusion of stress audits of their operations. Like the first five banks whose chief executives were fired in the first round of audit of 10 banks, the three were immediately replaced, with one of the replacements bringing to three the number of female chief executives of commercial banks. The sacked Those affected were Francis Atuche, Charles Ojo, and Ike Oraekwotu, who were relieved of their positions as managing directors/ chief executives of Bank PHB, Springbank and Equatorial Trust Bank. They are to be replaced by Cyril Chukwumah for Bank PHB Plc; Sola Ayodele for Spring Bank Plc. and G.O. Folayan for Equitorial Trust Bank Plc. Wema Bank was also found to be in a grave situation, however the CBN noted that the bank came under a new ownership and management in June 2009, which “took over a bank already in a grave situation and should not be held responsible for the present condition of the bank.” The nine banks that survived the CBN litmus test, according to its corporate affairs head, Mohammed Abdullahi, include Access Bank Plc, Citibank Nigeria Limited, Ecobank Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Plc, Skye Bank Plc, Stanbic IBTC Bank Plc, Standard Chartered Bank Limited and Zenith Bank Plc. Unity Bank, which is the tenth was, according to the CBN, adjudged to have insufficient capital but not in grave situation because it has a healthy liquidity position.’’
Tags: Adenuga, CBN, CEOs, and, bank, fires, three
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