Barely 48 hours after the removal of First Bank of Nigeria Ltd.’s MD/CEO by the bank’s Board, the Central Bank Governor, in an unprecedented move, announced the removal of the Board of directors of First Bank Nigeria Ltd. and FBN Holdings Plc., the bank’s parent, while simultaneously appointing new directors to both companies. In this note, we provide additional context to the series of events culminating in this action by the Central Bank Governor, and our near-term outlook on the prospects for the bank.
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