The battle for the control of Nigeria’s oldest lender, First Bank of Nigeria Limited, among two power blocs dominated by key shareholders with interests in its ownership, was at the heart of the recent shake-up of the bank’s board, PREMIUM TIMES has learnt.
One of the blocks is led by Nigeria’s second richest man, Mike Adenuga, insiders said.
On April 29, the CBN dismissed the boards of the bank and its holding company, FBN Holdings, in a dramatic move that came a day after the bank appointed a new managing director. The regulator reinstated the…
