Dr. Adesola Adeduntan, the Managing Director of First Bank Nigeria Limited, has tendered his resignation, marking the conclusion of his illustrious nine-year tenure with the bank.
Adeduntan, who has served as MD since July 2014 and CEO since 2016, has been instrumental in steering the bank’s operations and strategic direction over three terms.
His resignation comes amidst speculation about his successor, as First Bank prepares to navigate expansion initiatives in a fiercely competitive financial sector.
In a surprise move, Adeduntan announced his resignation effective immediately, eight months before his scheduled tenure expiration on December 31, 2024. He is set to commence his pre-retirement leave from Saturday, April 20, 2024, citing a desire to pursue other interests.
Adeduntan expressed gratitude to the board of directors of FirstBank and FBN Holdings Plc for their support during his stewardship, acknowledging the significant transformations and milestones achieved by the bank under his leadership.
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However, the sudden departure has prompted a swift response from the Board of Directors of First Bank, who convened to discuss mitigation strategies for Adeduntan’s early retirement. Sources suggest that efforts are underway to persuade Adeduntan to reconsider his decision in the best interest of the bank.
Dr. Adesola Adeduntan is a distinguished professional with a rich background in investment finance, commercial and investment banking, consulting, and audit. A graduate of the University of Ibadan, he holds an MBA from Cranfield University, UK, and has held senior management positions at KPMG and Citibank Nigeria Limited before joining First Bank in 2014.
As the search for his successor commences, Adeduntan’s legacy of leadership and strategic vision leaves an indelible mark on First Bank Nigeria Limited, setting the stage for the institution’s continued success in the future.
