Fear of AMCON takeover grips Otudeko’s Honeywell as First Bank shares fell by 6%

…CBN announcement may trigger an AMCON takeover of Honeywell Nigeria Plc if Oba Otudeko fails to repay his loans.

First Bank Nigeria Holdings (FBNH) closed with a loss of -6.6%, placing it at the third position in the NSE ASI for Thursday, reports Nairametrics.

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First Bank Boardroom Crisis: CBN Sacks All Directors, Sweeps Shobo Aside, Reinstates Adeduntan As MD

the action sends a negative signal to the market on the stability of leadership on the board and management

The Central Bank of Nigeria (CBN) on Thursday announced the sacking of all board members/directors of First Bank Holding and First Bank Nigeria Limited.

 Godwin Emefiele, the CBN governor, announced their query when he addressed the media Thursday.

The CBN governor further announced the reinstatement of Adesola Adeduntan as First Bank Managing Director.

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First Bank gasps under huge debts as MD, Sola Adeduntan loses sleep – Report

BUSINESS

First Bank gasps under huge debts as MD, Sola Adeduntan loses sleep – Report

May 15, 2018

Emerging details has indicated that First Bank Nigeria currently groans as the nation’s foremost bank struggles under the weight of huge debts portfolio by its A-list customers.

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First Bank Ridicules New MD, Adesola Adeduntan With Fake ‘Burberry Agbada’ on Social Media

BUSINESS, FEATURED, NEWS

First Bank Ridicules New MD, Adesola Adeduntan With Fake ‘Burberry Agbada’ on Social Media

December 22, 2017

Humor, a good sense of it, is to First Bank of Nigeria (FBN) what manhood is to a midget and the bank goes to great lengths to prove it. Little wonder the bank’s media team hit the social media with ridiculous posts about Managing Director (MD), Adesola (“Sola”) Kazeem Adeduntan’s fake Burberry agbada, a Yoruba cultural apparel – The Capital NG reported

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First Bank In Danger Over Oba Otudeko’s Allege N75Billion Non-performing Loan

Oba Otudeko

Oba Otudeko, a billionaire philanthropist and chairman of Honeywell Group, is reportedly indebted to First bank to the tune of about N75billion.

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The alleged loan which was collected about 7 years ago with his status as the chairman of the bank has remained un-service till date, an insider of the bank claimed. The non-performing loan is said to be presently putting the bank and its management in a tight corner as the economic hardship facing the country bites hard on all financial institutions.