The Central Bank of Nigeria (CBN) has sacked all board members/directors of First Bank Holding and First Bank Nigeria Ltd.

CBN Governor, Godwin Emefiele, said the company was involved in insider abuse and insider credit.

The apex bank, on Thursday, also cited the breakdown of corporate governance.

Emefiele further announced the reinstatement of Adesola Adeduntan as First Bank Managing Director.

The CBN declared the appointment of Gbenga Shobo was done without its approval.

The circular explained that Adedutan was removed even though his tenure was yet to expire.