There are strong indications that the sudden resignation of former Managing Director and CEO of First Bank, Dr Adesola Adeduntan was triggered by directives from the Central Bank of Nigeria (CBN).
LEADERSHIP gathered that news of his resignation broke in Nigeria while Adeduntan was still attending the World Bank/IMF Spring Meetings in Washington DC.

The former CEO suddenly notified the board of his intention to leave with effect from April 20, eight full months to the expiration of the third term of three years which he won as a reprieve by former CBN governor Godwin Emefiele.

Announcing his retirement, the MD said: “As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years.

“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa. I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.

“I am eternally grateful to the board of directors of FirstBank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continued success and progress as we move into the next phase of its evolution.”

Messages sent to the Bank were not replied as at the time of writing this report.
According to one inside source, “there are several moving parts in the unfolding drama.
There is the matter of an unresolved issue flagged by the regulator years ago and how this has not been fully resolved to the satisfaction of the apex bank and there is also the issue of mismanagement of relationships and added to this is the question of ego.”

One source said following the questions raised by the central bank, the initial target had been the entire board of the bank itself and there is a suggestion the apex bank dialled back once it realised that the current board of the bank was appointed by the CBN itself.

Recall that FBN Holdings Plc also cancelled its Extraordinary General Meeting (EGM) scheduled for April 30th, 2024 to get shareholders’ approval on the raising of N300 billion capital.
Before this sudden resignation there had been expectation that Adeduntan would take up the position of managing director at the HoldCo level but it is unclear if this plan was abandoned because the regulator withheld its approval of the request from the bank. There is what is called a two-year “cooling off period” imposed by the regulator between directorship tenures in banks in Nigeria and this may have counted against the plot for Adeduntan to move up.

On April 28, 2021 former directors at a board meeting of the bank had voted for Adeduntan to be retired as his second term was to expire but he regained his position after the board was sacked by CBN Governor Emefiele.

It is unclear why the bank CEO is leaving now but First Bank has had a policy by which Managing Directors of the bank were allowed only two terms of three years each. Adeduntan would have been the first CEO to last three full terms on the job.

“As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years,” Adeduntan said in his letter resigning.

According to the letter, “during this period the Bank and its subsidiaries have undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa. “I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.”

Furthermore, he expressed gratitude towards the board of directors of First Bank and FBN Holdings for the support he received from them during his tenure.

Adeduntan was appointed as CEO of First Bank in 2016. Prior to his appointment, he served as the bank’s executive director and chief financial officer (CFO). Before joining First Bank in July 2014, he was a director and the pioneer CFO/business manager of Africa Finance Corporation (AFC). Adeduntan formerly worked as a senior vice-president and CFO at Citibank Nigeria Limited, as a senior manager in the financial services group of KPMG Professional Services, and as a manager at Arthur Andersen Nigeria.

* The Leadership Newspaper

A former Director of Information Technology of the Central Bank of Nigeria (CBN), Mr. John Ayoh, has explained how he collected $600,000 allegedly for contract gratification for the embattled ex-apex bank governor, Mr. Godwin Emefiele.

Ayoh, while being led in evidence by the Economic and Financial Crimes Commission (EFCC) counsel, Mr. Rotimi Oyedepo (SAN), on Monday, April 29, told an Ikeja Special Offences Court that he spent eight years in the apex bank.

He told the court that he received a letter from the agency concerning two transactions which he facilitated through Emefiele.

Ayoh, Head of Procurement and Support Services (PSS) Department, told the court that the first envelope containing $400,000 was brought to his house in Lekki while he received the second envelope containing $200,000 at the Tinubu Head Office of the CBN.

Ayoh said he was vested with powers to receive applications for award of contracts to select successful bidders.

According to him, the first leg of the transaction was at his residence in Lekki Phase One while the second envelope money he received occurred at the Tinubu Head Office of the CBN.

He said: “The man to deliver the second transaction came to our office in Lagos and I informed the governor but he said he did not want to see a third party that I should bring the envelope myself.

“I complied with the instruction and went to his office and delivered it. Mr John Adeola was the one I sent my address to and he came to my house. He is the governor’s assistant and the total money I received on his behalf was $400,000 and $200,000, respectively.”

The witness informed the court that the vendors who allegedly brought the envelopes with money were in charge of the implementation of Netapp Storage Architectural and Infrastructural Services.

While under cross-examination by the first defence counsel, Mr. Olalekan Ojo (SAN), he told the court that his schedule of duties did not include running errands for Emefiele but he directly worked under him.

Ayoh confirmed to the court that Emefiele was not a member of the PSS but a member of the Major Contract Tender Committee (MCTC).

He added that he had never facilitated in the commission of any crime.

Ojo asked if the witness wrote in his statement that he was forced to aid or abet the commission of accepting gratification.

The witness said: “I do not remember the exact word that I used and I did not write in my statement that I opened the two envelopes on the two occasions to check the total sum of money.

“I wrote a statement and it implied that the money in the envelopes was given to me to influence the award of contract. I did not take part in the decision of the MCTC but I recommended that the award be given and I was not bribed.

“I was invited by the EFCC on February 17, I was not arrested but I returned home on administrative bail.”

The witness told the court that he operated under duress, while he received the two envelopes from the contractors.

“On your honour, did you indicate in your statement that you were acting under duress while running errands for the first defendant,” the learned silk asked.

The prosecution, however, objected to the question and argued that the statement of the witness was not before the court.

The first defence counsel sought that the statement of the defendant be admitted into evidence.

Justice Rahman Oshodi, thereafter, admitted the statement of the witness (three pages) into evidence, following arguments and counter arguments of the counsel.

The Senior Advocate reteirated that the witness showed to the court where it was written in his statement that he acted under duress.

The witness told the court that the instructions from Emefiele indicated that he bent rules.

The judge, thereafter, adjourned the case until May 3 for continuation of cross-examination.

Emefiele’s counsel also pleaded with the court to release the defendant to him on self-recognition because he had not met with his bail application.

The learned silk, however, prayed the court that the defendant would meet up before May 17.

There was no objections from the second defence counsel and the prosecution left the decision at the discretion of the court.

The trial of the Managing Director and Chief Executive Officer of MTN Nigeria Communications Ltd, Karl Toriola, Senior Executive Officer, Nkeakam Abhulimen and two others for criminal charges bordering on “copyright infringement” was on Monday stalled due to the absence of the defendants in the court.

The telecommunications giant is standing trial following criminal charges filed by the Nigerian Copyright Commission (NCC) against Karl Toriola, Nkeakam Abhulimen; Fun Mobile Ltd, a telecommunications service provider; and Yahaya Maibe, its CEO.

The matter which was slated for arraignment before Justice Inyang Ekwo at the Federal High Court Abuja could not go on due to the absence of the defendants, Toriola and Abhulimen in court.

Both Toriola and Abhulimen were not represented in court by any lawyer but MTN Nigeria Communications Ltd was represented by Obafemi Ajaba while Fun Mobile and Maibe were represented by Abdullateef Afolabi.

The prosecution lawyer, Emeka Ogbonna told the court the defendants were not in the court despite the fact they had been served with the processes.

He said the defendants had been on administrative bail and the sureties also assured that they would be in the court today.

He said the expectation was that all of them would be in court today.

He therefore sought for the adjournment to enable the defendants to appear in court and take their plea.

“If they don’t come willingly, we know what to do to bring them before the court,” Ogbonna said.

But in his own submission counsel for the MTN (1st defendant) told the court that only the company was served with the court processes.

He added that they had filed a motion on notice on April 26, challenging the jurisdiction of the court to proceed on the matter as presently constituted.

Maleke Moye who is the nominal complainant in the case and his lawyers, Abudul T.Kohol and Zino Ugboma were also present in court to watch the brief.

The presiding judge, while agreeing with the prosecution’s request, therefore adjourned the case to May 14, 2024 for arraignment.

It would be recalled that the case with the number FHC/ABJ/CR/111/2024 was filed at the federal high court in Abuja.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business, infringed musical works of Maleke Moye, an artiste, without his consent and authorisation”.

The commission alleged that the defendants used Maleke’s musical works and sound recordings with subsisting copyright, known as “caller ring back tunes” without the authorisation of the artist.

The musical works and sound recordings of the musician allegedly infringed upon include 911, Minimini-Wana Wana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No bother.

The defendants were also alleged to have illegally distributed the musical works to their subscribers, without authorisation, thereby infringing on the rights of the artist.

In the third count, the defendants were alleged of having in their possession, the musical works and sound recordings of the artist, other than for their personal or domestic use.

The copyright commission said the alleged offences are punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, laws of the federation of Nigeria, 2004.