{"id":48970,"date":"2021-05-14T17:34:44","date_gmt":"2021-05-14T16:34:44","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=48970"},"modified":"2021-05-14T17:34:44","modified_gmt":"2021-05-14T16:34:44","slug":"sp-fbnh-firstbank-boards-changes-ensured-stability","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/","title":{"rendered":"S&P: FBNH, FirstBank Boards’ Changes Ensured Stability"},"content":{"rendered":"

S&P Global Ratings said changes to the boards of First Bank of Nigeria Limited and FBN Holdings (FBNH) Plc, recently directed by Central Bank of Nigeria (CBN), addressed the banking group\u2019s corporate governance challenges and ensures the Nigerian banking sector\u2019s financial stability.<\/p>\n

In a statement, it stated that its ratings on FBN and other Nigerian banks remain constrained by shortcomings in corporate governance and transparency, among other factors.<\/p>\n

\"Firstmonie\"<\/p>\n

The CBN recently replaced the entire boards of FBN and FBNH, and reinstated the former executive directors and CEO, Dr. Adesola Adeduntan.<\/p>\n

The CBN had also requested FBN unwind certain exposures and divest from its participation in a non-permissible company, also pointing to potential corporate governance lapses at the bank.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cHowever, Dr. Adeduntan\u2019s reinstatement and the re-appointment of the other executive directors underscores the CBN\u2019s confidence in the existing management team to continue the turnaround of the third-largest banking group in Nigeria, which has total assets of Nigerian N7.7 trillion.<\/p>\n

\u201cWe are of the view that the CBN\u2019s historical approach has been more reactive than proactive, as illustrated by the Skye Bank episode. That said, recent actions, while disruptive in the near-term, may signal a more direct and possibly decisive supervisory approach to alleged failings in the management and governance of regulated institutions,\u201d it stated.<\/p>\n

It, noted that FBN\u2019s overall credit profile has gradually stabilised since 2016, with a capital adequacy ratio of 17 percent in 2020, as against a 15 percent minimum requirement.<\/p>\n

Similarly, the bank\u2019s asset quality indicators improved significantly, with Non-Performing Loans (NPLs) reducing to 7.7 percent in 2020, from 20-25 percent since 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"

S&P Global Ratings said changes to the boards of First Bank of Nigeria Limited and FBN Holdings (FBNH) Plc, recently directed by Central Bank of Nigeria (CBN), addressed the banking group\u2019s corporate governance challenges and ensures the Nigerian banking sector\u2019s financial stability.<\/p>\n","protected":false},"author":6,"featured_media":39377,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[576,8493,4282],"coauthors":[2391],"class_list":["post-48970","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-capital-market","tag-firstbank-plc","tag-stock-market"],"yoast_head":"\nS&P: FBNH, FirstBank Boards' Changes Ensured Stability - National Wire<\/title>\n<meta name=\"description\" content=\"S&P Global Ratings said changes to the boards of First Bank of Nigeria Limited and FBN Holdings (FBNH) Plc, recently dire\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&P: FBNH, FirstBank Boards' Changes Ensured Stability - National Wire\" \/>\n<meta property=\"og:description\" content=\"S&P Global Ratings said changes to the boards of First Bank of Nigeria Limited and FBN Holdings (FBNH) Plc, recently dire\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-14T16:34:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/04\/Dr.-Adesola-Adeduntan-CEO-FirstBank.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"809\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/04\/Dr.-Adesola-Adeduntan-CEO-FirstBank.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/04\/Dr.-Adesola-Adeduntan-CEO-FirstBank.jpg\",\"width\":768,\"height\":809},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/\",\"name\":\"S&P: FBNH, FirstBank Boards' Changes Ensured Stability - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/#primaryimage\"},\"datePublished\":\"2021-05-14T16:34:44+00:00\",\"dateModified\":\"2021-05-14T16:34:44+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"description\":\"S&P Global Ratings said changes to the boards of First Bank of Nigeria Limited and FBN Holdings (FBNH) Plc, recently dire\",\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"S&P: FBNH, FirstBank Boards’ Changes Ensured Stability\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"S&P: FBNH, FirstBank Boards' Changes Ensured Stability - National Wire","description":"S&P Global Ratings said changes to the boards of First Bank of Nigeria Limited and FBN Holdings (FBNH) Plc, recently dire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/","og_locale":"en_US","og_type":"article","og_title":"S&P: FBNH, FirstBank Boards' Changes Ensured Stability - National Wire","og_description":"S&P Global Ratings said changes to the boards of First Bank of Nigeria Limited and FBN Holdings (FBNH) Plc, recently dire","og_url":"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/","og_site_name":"National Wire","article_published_time":"2021-05-14T16:34:44+00:00","og_image":[{"width":768,"height":809,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/04\/Dr.-Adesola-Adeduntan-CEO-FirstBank.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/04\/Dr.-Adesola-Adeduntan-CEO-FirstBank.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/04\/Dr.-Adesola-Adeduntan-CEO-FirstBank.jpg","width":768,"height":809},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/","name":"S&P: FBNH, FirstBank Boards' Changes Ensured Stability - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/#primaryimage"},"datePublished":"2021-05-14T16:34:44+00:00","dateModified":"2021-05-14T16:34:44+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"description":"S&P Global Ratings said changes to the boards of First Bank of Nigeria Limited and FBN Holdings (FBNH) Plc, recently dire","breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/sp-fbnh-firstbank-boards-changes-ensured-stability\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"S&P: FBNH, FirstBank Boards’ Changes Ensured Stability"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/48970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=48970"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/48970\/revisions"}],"predecessor-version":[{"id":48971,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/48970\/revisions\/48971"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/39377"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=48970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=48970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=48970"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=48970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}