Awosika and the bank had sacked Adeduntan before his tenure ended, and this caused a rift between the First Bank and the Central Bank of Nigeria (CBN). She and the company’s board of directors were sacked by CBN as the apex bank was against their action.
The financial regulator had stated that the bank didn’t get approval for Adeduntan’s sack. This led to the replacement of all the director in the board. But Awosika insisted that the sack of Adeduntan was the right thing to do.
Awosika said she and the board acted in the best interest of the company and they had great plans and aspirations for First Bank to improve upon the work that has been done in the past five years. Along with the CBN and the sacked board, the former chairman said she had rebuilt First Bank in the five years she headed the bank, and also preparing the lender for the future.
Part of the rebuilding she listed was improving non-performing loans, robust risk management system, ensure good operational governance systems and processes and build controls.
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