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CBN appoints 10 executive directors for three rescued banks

By Omo GABRIEL, Business Editor
The Central Bank of Nigeria CBN yesterday said it has appointed 10 new executive directors for three of the eight banks it rescued last year.

The banks for which new executive directors have been appointed are BankPHB for which four executive directors have been appointed, Spring Bank which now has three executive directors and Equitorial Trust for which three executive directors have been appointed. The three banks are the last three the CBN sacked their management and board in October last year as part of its reform agenda.

The CBN in a statement signed by M.M.Abdullahi Head, Corporate Affairs, CBN said, “The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO’s of the affected banks and their replacement with new ones. The new Executive Directors are as follows:

Bank PHB: Mr. Gabriel Ohioma Edgal, Mr. Fredrick Olusegun Bolaji, Mr. Ayaba M. Ayo Joseph and Mr. Hassan Alwan Ali.”

Executive Directors appointed for Spring Bank are Mr. Onodugo Chike Paschal, Dr. Kabir Ahmed Mr. Fakile Emmanuel Olugbenga while for Equatorial Trust Bank Mr. Obaleke Femi, Mr. Fakeye Akinsola Jacob and Mr. Tilewa Adebajo were appointed executive directors.

According to the CBN statement, “The appointment of the Executive Directors by the Governor is in consonance with the on-going banking reforms pursuant to the powers vested in him by Section 35 (2) of the Banks & Other Financial Institutions Act. The appointed Executive Directors have since assumed duty.”

It will be recalled that on August 14 last year the CBN Governor Mallam Sanusi Lamido Sanusi announced the removal from office the Managing Director of Union Bank, Intercontinental Bank, Oceanic, Afribank and Finbank. In October it followed up with the sacking of the Managing Directors of BankPHB, Spring Bank and Equitorial Trust Bank.

The CBN recently stated that the caretaker management it has put in place in the affected eight banks have a two- year tenure.


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