In a bid to forestall the circumstances that led to Central Bank of Nigeria (CBN) clamping down on FBN Holdings in 2015 when Oba Otudeko was the chairman, majority shareholders of FBN Holding are weighing options to prevent Oba Otudeko from taking over the financial institution.
This is in other to avoid a repeat of the financial crisis that occurred during his time as chairman in 2015 when the Tier 1 Bank was plunged into deep financial crisis on the back of unprecedented non performing loan portfolio when the NPL ratio materially breached regulatory threshold.
Recall that the Central Bank of Nigeria (CBN) in 2021 had clamped down on FBN Holdings, accusing the Board of the firm, led then by Otudeko, of recklessly issuing and obtaining loans, thereby, affecting the capital liquidity ratio of the company.
