Moody’s to review First Bank for downgrade

The renowned ratings agency Moody’s said on Thursday that it has placed First Bank of Nigeria on review for downgrade after the Central Bank of Nigeria (CBN) sacked the board of the lender and its parent and appointed new directors.

According to the organization, “The review will focus primarily on an assessment of evolving governance considerations at First Bank, specifically corporate governance developments,” Moody’s said in a statement.