First Bank of Nigeria's (FBN's) tale of advancing but troubled existence continues. From reported high-powered nocturnal meetings with Central Bank of Nigeria (CBN) officials to high-speed maneuverings to edge out recalcitrant board members allegedly unwilling to bend to the regulators dictates; the text and subtext of the recent decisions by the monetary authority to nudge out directors and board members of FBN and its Holding company, FBNH, follows a fine line between regulatory firmness and subtle institutional interests. The silence of those affected is equally an instructive footnote to the observations and findings espoused in this report.

In a confidential report written by Proshare in March 2020, FBNH was in active discussions with the CBN to facilitate a takeover of the three domestic money banks sharing the characteristics of low capital adequacy ratios (CARs) negative shareholder funds. The targeted banks were Polaris Bank, Heritage Bank, and Unity Bank, individually considered ripe for acquisition. The deal was to pick up the banks in one fell swoop, but this was not possible; to acquire Polaris Bank with Heritage Bank pleasantly added as a 'deal sweetener.' These deals fell through, and it is instructive to note that FBN currently serves as the clearing-house bank to the three market DMB's putting it in pole position to understanding their cash flows and non-contingent business liabilities.