CBN had asked the Board to remove Adesola Adeduntan as Managing Director/Chief Executive Officer before taking steps.
Without seeking regulatory approval, First Bank named Gbenga Shobo as MD/CEO designate.
The apex bank also faulted 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.
But at a briefing on Thursday, CBN Governor, Godwin Emefiele, announced the sacking of all members of the board of the bank for the supposed affront.
Emefiele also reinstated Adeduntan as the MD/CEO of the bank.