The Managing Director and CEO of Nigeria’s oldest bank, First Bank has suddenly resigned from his position.
His resignation following the shocking cancellation of the extraordinary general meeting of the financial institution planned for April 30, 2024.
Although, the actual reason for his resignation could not be immediately ascertained, First Bank has had a policy by which Managing Directors of the bank were allowed only two terms of three years each.
In a statement by the holding company which was titled “EXTRAORDINARY GENERAL MEETING: CANCELLATION NOTICE,” the acting company secretary, Adewale Arogundade said, “notice is hereby given that the Extraordinary General Meeting earlier scheduled to be held virtually on Tuesday, April 30, 2024, at 10 a.m for the consideration and authorization of the Company to undertake a Capital raise of up to NGN300,000,000.00 (Three Hundred Billion Naira), and other ancillary matters is hereby CANCELLED.
Further Information will be provided in due course, as appropriate.”
