First Bank MD/CEO, Adesola Adeduntan Resigns.

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First Bank

According to a source, Dr. Adesola Adeduntan of First Bank Nigeria tendered his resignation to the board of the holding company of the financial institution, and it was accepted. He also communicated an effective resignation date of April 20, 2024.

However, according to the letter, Adeduntan stated that
“he would no longer be eligible for employment” of the bank after serving for a record nine years.

“As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of the bank for a record time of nine years.”

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“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.”

“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.”

“I am eternally grateful to the board of directors of First Bank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continue success and progress as we move into the next phase of its evolution”.

Adedutan played a pivotal role in navigating the bank through challenging economic periods, focusing on digital transformation initiatives and strengthening the bank’s market position.

His departure marks a significant shift in the bank’s leadership dynamics as it approaches a critical juncture in its strategic development.

Controversially, his tenure was renewed in April 2021 for a second term, following an initial six-year term. This April marks the end of another three-year term at the helm of the bank for Adedutan, adhering to First Bank’s tradition of MD/CEOs serving three-year tenures, of which Adedutan has now completed two.

Following the recent appointments of 5 new elite directors at the holdco and bank levels, it’s seen as an attempt to strengthen the corporate governance framework of the financial institution.

The appointment of Mr. Olusola Adeeyo, and Mr. Viswanathan Shankar as Non-Executive Directors of FBN Holdings Plc has been announced by the holding company.

The directors appointed by the bank all have intimidating resume’s suggesting a new direction for one of Nigeria’s largest financial institutions.

Mrs. Remilekun Adetola, was also appointed by the bank (a subsidiary of the HoldCo).
Odunlami as Non-Executive Director and Mr. Anil Dua and Mrs Fatima Ibrahim Ali as Independent Non-Executive Directors of the bank

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