The aftermath of the ongoing audit by the Central Bank of Nigeria (CBN), of the remaining 14 banks, the apex bank on Friday, 2nd October, 2009, officially announced the sack of three bank Managing Directors and their Executive Directors having found the banks wanting in the area of liquidity, capital adequacy and corporate governance.
The affected bank chiefs are Mr Francis Atuche of Bank PHB Plc, Mr Ike Oraekwuotu of Equitorial Trust Bank Plc and Mr Charles Ojo of Spring Bank Plc. In replacement, Mr. Cyril Chukwumah , Mr. G. O. Folayan and Mrs. Sola Ayodele have been appointed for Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc respectively.
More so, the apex bank ordered the removal of all non-executive directors of Spring Bank Plc, as well as the removal of Dr. Mike Adenuga, CON, as a Non-Executive Director of Equitorial Trust Bank Plc. It stated that new executive directors would be appointed for the banks in due course.