Adesola Adeduntan, managing director and chief executive officer (CEO) of First Bank of Nigeria Ltd, has resigned from his position.
The Managing Director of First Bank Nigeria Limited, Dr Adesola Adeduntan, has tendered his resignation.
Adeduntan’s departure marks the end of his nine-year tenure,
during which he supervised the bank’s operations and strategic direction for
three terms.
First Bank is poised to unveil Adeduntan’s successor, who
will spearhead the bank’s expansion initiatives amidst fierce competition in
the financial sector.
Checks indicate that Adeduntan, who has held the esteemed
position of MD since July 2014 and CEO since 2016, announced his decision to
resign immediately, eight months before his tenure expires on December 31,
2024.
He would commence his pre-retirement leave from Saturday,
April 20, 2024, the resignation letter noted.
Adeduntan also stated in his resignation letter that he was
leaving to pursue other interests.
The resignation letter reads, “As you are aware, my contract
would expire on December 31, 2024, after which I would no longer be eligible
for employment within the bank having served as the Managing Director/Chief
Executive Officer of FirstBank for a record time of nine years.
“During this period, the bank and its subsidiaries have
undergone significant transformations and achieved remarkable milestones. We
have successfully repositioned the institution as a leading financial
powerhouse in Africa. However, I have decided to retire effective from April
20, 2024, to pursue other interests.
“I am eternally grateful to the board of directors of
FirstBank and FBN Holdings Plc for the support that I received from them during
my stewardship. I wish our iconic institution continued success and progress as
we move into the next phase of its evolution. Warm regards.”
Meanwhile, an insider source who is not authorised to
publicly comment on the issue said the Board of Directors of First Bank met
over the sudden departure of its MD on Saturday.
In a significant development, the meeting discussed ways of
mitigating the effects of Adedutan’s sudden pre-retirement leave, which he said
should take effect from today.
The source further stated that Adedutan conveyed his
decision to quit eight months before his scheduled retirement to the Chairman
of the Board of Directors, Hassan Odukale.
Sources said some directors are prevailing on Adedutan to
rescind his decision in the interest of the bank, but he is determined to quit
” to pursue other interests.
Adeduntan obtained his veterinary medicine degree from the
University of Ibadan in 1992. Subsequently, Cranfield University, UK, honoured
him with a Doctor of Science, Honoris Causa, and he completed an MBA at the
same institution.
In 2014, Adeduntan commenced his tenure at First Bank,
starting as the chief financial officer, before advancing to become an
executive director.
Before this, he played a pivotal role at the Africa Finance
Corporation, serving as its inaugural chief financial officer/business manager
and later as a director.
Adeduntan’s professional expertise spans investment finance,
commercial and investment banking, consulting, and audit.
He previously held senior management roles at KPMG, a
prominent auditing and professional services firm, and served as the Senior
Vice President and Chief Financial Officer at Citibank Nigeria Limited.
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