First Bank Remove Otudeko, Three Others from Its Board

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Dr. Ayoola Oba Otudeko and three others were axed from the board of First Bank of Nigeria on the 29th of December 2010. Check reveals that Oba Otudeko removal has to do with central bank regulations, which disallow directors to stay on the board for more than twelve years. However, Oba Otudeko who has served on the board for almost twelve years, will be replaced by Prince Ajibola Afonja, effective Jan 1, 2011.
In line with the CBN regulation, the bank has also appointed Ibrahim Dahiru Waziri; Tunde Hassan-Odukale; Khadijah Alao Straub; and Obafemi Adedamola Otudeko as Non-Executive Directors.
While Bello Mohammed Maccido replaces Dr. Yerima Ngama, an executive director, who was muzzled to resign.
Other members of the board removed alongside Oba Otudeko are Alhaji Abdullahi Mahmood, General Garba Duba (Rtd.), and Mr. Oye Hassan-Odukale.
A statement issued by the bank management reads:
“In line with the Bank’s long-standing commitment to best-of-breed corporate governance practice, especially our commitment to continuity and a constant rejuvenation of the Board of Directors, and consistent with the provisions of the relevant sections of the Central Bank of Nigeria’s Code of Corporate Governance for Banks, I wish to inform you of the retirement of the Chairman, Dr. Ayoola Oba Otudeko from the Board effective December 31 2010”.
“Along with the Chairman, three other Non-Executive Directors, Alhaji Abdullahi Mahmood, General Garba Duba (Rtd.), and Mr. Oye Hassan-Odukale also retired their appointments from the Board effective December 31 2010”.
“At a meeting of the Board of Directors held yesterday, and where these retirements were announced, the Board underlined its emphasis for continuity by appointing Prince Ajibola Afonja, previously a Non-Executive Director, as Chairman with effect from January 1 2011. The Board also appointed the following new Non-Executive Directors: Ibrahim Dahiru Waziri; Tunde Hassan-Odukale; Khadijah Alao Straub; and Obafemi Adedamola Otudeko”.
“Meanwhile, the Board has accepted Dr. Yerima Ngama’s resignation from the Board with effect from December 31 2010 in order to pursue newer challenges. Bello Mohammed Maccido was appointed an Executive Director in place of Dr Ngama with effect from January 1 2011”.