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Moody's Watching First Bank

The Removal and the Appointment Board of Directors of First Bank of Nigeria  by the CBN Governor: What does the Law say about it? - Tekedia

“Moody’s Investors Service, (“Moody’s”) has today placed all long-term ratings and assessments of First Bank of Nigeria Limited (First Bank) on review for downgrade. The review will focus primarily on an assessment of evolving governance considerations at First Bank, specifically corporate governance developments. The rating action follows the dissolution of First Bank’s board by the Central Bank of Nigeria (CBN), the bank’s primary regulator, on 29 April 2021. As a result of this action by the CBN, all the non-executive directors were removed while the executive management remained in place.”

Moody's may downgrade First Bank thereby making things harder for the bank. But since it has not, the implication is that it may not as things will likely improve for the bank than go bad with the changes the apex bank has made. Companies desire good ratings to make borrowing cheaper as better rating does imply lesser risks.

This May, Scott Berinato, wrote in HBR that, “Banks with more women on board tend to commit lesser fraud”, although this is not the case of First bank in terms of head count, but with Ibukun as the lead in that firm, we expected more sanity in the firm, since woman claim to be good at reading “the XYZ” of a room. Also, American musical goddess, Beyoncé Giselle Knowles, queen bee bee, with stage name Beyoncé, sang in honor of the gender, “who runs the world-girls!” which gained traction with it little over half a billion view on YouTube

Sincerely, if all this follows, this is a heavy dent on the reputation of Ibukun Awosika, as report shows that the outing of the CEO comes in a gang effort of her and Oba, which is making many questions her credibility, having a second thought of her character. Nevertheless, I must note, that in a statement referenced to her she said, “We had good intention for the bank” which made public after the sack, but frankly we know that good intention is never enough in life and that why youth are advised to be selective of their association and not come crying when they face the damaging consequence of bad company even when they had the good intention to “change the person”.

With the world pushing hard on innovating financial services, this is the worst time for a systemic bank to crash, because, a massive debit in the trust account would push the nation years behind the Global community and could kill any interest of investment into the Nation, making the shame worse than experienced from Twitter boycott. And on these, I must really commend efforts of Godwin’s led administration of The CBN, he keeps putting off many fires, indeed uneasy lies the head that wear the crown.

Nice commentary there  on women leadership. Just as you said, Awosika knows that she is not coming out of this better for her brand.

True boss, but how does she move past this slip?

She will be fine....

Tough love, I was guessing you we're colleagues since you shared the same platform at The Covenant Nation, Iganmu in 2019