Moody’s places FBN on review for downgrade after CBN sacked board

Ratings agency Moody’s said it has placed First Bank of Nigeria (FBN) Plc on review for downgrade after the central bank sacked the board of the lender and its parent and appointed new directors.

“The review will focus primarily on an assessment of evolving governance considerations at First Bank, specifically corporate governance developments,” Moody’s said in a statement.

The Governor of the Central Bank of Nigeria, Godwin Emefiele had last week announced the sack of the entire board of directors of FBN Holdings Plc and its subsidiary First Bank of Nigeria Ltd. The announcement was made via a television broadcast in the early evening of Thursday, April 29.

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