Nigerian central bank sacks board of third-largest lender

Nigeria map

Nigeria’s central bank dismissed the board of First Bank of Nigeria, the country’s third-largest commercial bank, saying senior managers had seriously damaged the lender’s finances.

Central Bank of Nigeria governor Godwin Emefiele said the bank’s directors had made “insider loans” that were largely non-performing. Emefiele said the central bank had placed FBN under a special regime since January 2016 after discovering the bank’s managers had seriously damaged its finances.

But the central bank

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