By Tony Obiechina, Abuja
Foremost Capital Market Professor Uche Uwaleke has endorsed the sacking of the Board of Directors of the First Bank of Nigeria by the Central Bank of Nigeria (CBN).
The apex bank on Thursday announced the removal of the entire board of directors of FBN and appointed a new chairman and MD/CEO.
Reacting to the development in a statement on Thursday, Prof Uwaleke said CBN’s decision was in order as it acted as a banking system regulator.
He said, “I support the CBN wielding the big stick on any bank that flouts the rules.
“A Banking system regulator should be seen to take the issue of corporate governance very seriously.
“In this particular matter, my take is that the apex Bank is in order in view of the fact that it gave the Board of First Bank the opportunity to defend itself.
“It behoves the CBN now to communicate the reasons for its action to members of the public and provide reassurance of Banking system stability”.
