CBN Queries First Bank as CEO is ‘Purportedly Ousted’ Says bank under forbearance, liquidity support can't remove helmsman without approval Shareholders weigh options, Otudeko, Odukale and Adenuga in battle for conntrol Obinna Chima The Central Bank of Nigeria (CBN) yesterday queried the
board of First Bank Nigeria Limited over the removal of the Managing Director/Chief Executive of the bank, Dr.
Adesola Adeduntan, saying the action was without regulatory approval. The apex bank said the
board's move has “dire implications for the bank and also portends significant risks to the stability of the financial
system.” The central bank stated this in a letter dated April 28, 2021, signed by its Director, Banking
Supervision, Mr. Haruna Mustafa, and addressed to the Continued on page 8
Fidelity Bank Records 53.9% Profit Growth of N10.1bn in Q1...
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Police Deploy Personnel in FCT Borders to Forestall Bandits' Incursion...Page 10
Harsher Times Beckon as NNPC Warns No FAAC Remittance for May Says N111.966bn fuel subsidy defrayment will create massive revenue shortfall Emmanuel Addeh in Abuja The three tiers of government, federal, states and local governments, are in for tough times next month as they may get less from the Federation Account, no thanks to the huge payment the Nigerian National Petroleum Corporation (NNPC) would have to make for subsidy on petrol. Already, the NNPC, which is
being made to bear the cost for the price differential between the market price and pump price of petrol on behalf of the federation has served a notice that it will not be able to remit any funds to the Federation Account in April for distribution in May. In a letter by the corporation to the Accountant-General of the Federation (AGF), Mr. Continued on page 8
We Can’t Afford Another Civil War, Says Osinbajo Obasanjo: Insecurity won’t consume Nigeria US issues advisory on Lagos Deji Elumoye, Chuks Okocha and Michael Olugbode in Abuja Vice President Yemi Osinbajo yesterday rallied Nigerians to put the brakes on the spiralling violence that has pushed Nigeria to the edge of a precipice as the nation cannot afford another civil war now.
He also urged the elite to speak out against forces of division in order to preserve the unity of the country. However, former President Olusegun Obasanjo is optimistic that the worsening insecurity, as typified by the rising cases of killings, kidnappings, terrorism and Continued on page 8
NEW HOSPITAL FOR CHILDREN... L-R: Lagos State Deputy Governor, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu; and Ambassador to Spain, Mr. Ademola Seriki, during the groundbreaking of the new Massey Children Hospital, Adeniji Adele in Lagos…yesterday
NSIA: $350m Saved from Presidential Fertiliser Initiative Implementation... Page 5