First Bank Nigeria Plc has announced that its board of directors has approved the retirement of its Managing Director Bisi Onasanya effective December 31st, 2015 after serving two terms.
The company also confirmed that it has commenced the process of nominating and approving a successor.
The news comes as a shock to many in the financial circles who did not see this early announcement coming especially as the bank just concluded its AGM. One would have expected the company to reveal this at the AGM but they did not, providing an air of controversy around the retirement.
The Central Bank a few years ago put a maximum of 10 years for any individual to be an MD of a bank in Nigeria following banking reforms that took place in the Sanusi years. Bisi Onasanya was appointed First Bank CEO in June 2009 shortly after Sanusi Lamido Sanusi left for the CBN.
Despite this, rumours also persist as some feel the early announcement may have been a result of Onasanya falling out with some section of the company’s board due to some sale of shares to an unnamed billionaire.
Get the First Bank press release here