Central Bank of Nigeria (CBN) has ordered the immediate sack of all directors of FBN Limited and FBN Holdings Plc.
CBN also reinstated Sola Adeduntan as the managing director and chief executive officer of First Bank of Nigeria Limited.
Godwin Emefiele, governor of the CBN, announced this during a press briefing on Thursday.
Those sacked included Chairman of First Bank, Chief (Mrs) Ibukun Awosika and the Chairman of First Bank Holding, Mr Oba Otudeko.
Emefiele announced the constitution of an interim board to clean up and stabilise the tier-1 lender.