Some directors of First Bank have raised concerns over the Economic and Financial Crimes Commission (EFCC) not acting on a petition they submitted against Adesola Adeduntan, the bank’s immediate past Managing Director. Adeduntan, who was originally set to conclude his tenure on December 31, 2024, unexpectedly resigned on April 20, 2024, and went on retirement leave.

A credible source within the bank disclosed to TheScrutinyNG that under Adeduntan’s leadership, a $60 million fraud occurred in the Compliance Department of First Bank.

This financial mismanagement, coupled with a staggering debt of N700 billion, led to significant turmoil within the bank and ultimately forced Adeduntan to resign.

Also read: Real reasons Adeduntan resigned as First Bank CEO

“When Adeduntan was asked to resign and go quietly, he quickly complied. Subsequently, some directors petitioned the EFCC to probe the infractions under his leadership, attaching evidence and requesting his summons. However, there has been no action from the EFCC,” the source revealed.

In attempts to follow up, our correspondent contacted Dele Oyewale, EFCC’s Head of Media and Publicity. Oyewale promised to check with the investigations department but failed to respond after a week, and subsequent calls to his mobile phone went unanswered.

A former director at the Central Bank of Nigeria (CBN) shed more light on the situation, describing the intense power struggles within First Bank.

“There are many contending forces battling for the soul of the bank. Each faction uses its influence to steer the bank in their preferred direction. Notably, there is a faction aligned with Femi Otedola, the current chairman of the bank, another loyal to former chairman Oba Otudeko, and significant shareholders like Ibukun Awosika and Mike Adenuga of Globacom.”

These factions have a long history of using their connections within the Presidency and CBN to influence decisions.

For instance, in April 2021, a board meeting saw a vote for Adeduntan’s retirement as his second term was expiring. Allegations surfaced that Otudeko and Awosika orchestrated this move.

However, supporters of Adeduntan leveraged their connections with former CBN Governor Godwin Emefiele to dismiss the board, allowing Adeduntan to retain his position.

With the transition from Emefiele to the current CBN Governor, Yemi Cardoso, those opposed to Adeduntan successfully maneuvered to secure his departure.

The current MD, Olusegun Alebiosu, who succeeded Adeduntan, is reportedly vigilant against similar power plays.