The Central Bank of Nigeria on Thursday fired the entire members and board of directors in First Bank of Nigeria.

The CBN disclosed that, in its capacity as the apex regulator, the need to wield the big stick against commercial banks becomes necessary in the face of irregularity in the banking sector.

The PUNCH reported the CBN had earlier queried the Board of the First Bank for removing Adesola Adeduntan as the Managing Director/Chief Executive Officer, without regulatory approval.

The apex regulator also faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.