Following his departure from FirstBank in April 2024, Adesola Adeduntan, the former CEO, has launched Sequoia Financial Services Limited, his initial post-tenure endeavor. This new venture commences several months prior to his originally scheduled end-of-year departure from FirstBank.

Having led FirstBank for nine years, Adeduntan is now diving into entrepreneurship, drawing on his vast experience in banking, corporate finance, and risk management.

While there isn’t much information available about Sequoia Financial Services yet, this launch shows that Adeduntan is still very much in the financial game.

He shared the news on LinkedIn, expressing his enthusiasm for this new chapter, “I am happy to share that I am starting a new role as President and Founder of Sequoia Financial Services Limited.”

With a solid background across various financial institutions, Adeduntan is likely using his experience and connections to get this new company off the ground. Before his time as CEO, he was the Executive Director and CFO at FirstBank, and he also held key positions at Africa Finance Corporation, Citibank Nigeria, KPMG, and Arthur Andersen Nigeria.

Outside of banking, he’s involved in corporate governance and social initiatives, serving on the Steering Committee of CACOVID and the Board of the Lagos State Security Trust Fund.

Sequoia Financial Services is set to specialize in financial advisory, investment management, and strategic consulting for businesses and wealthy individuals. While the specifics of its operations are still under wraps, the company is expected to benefit from Adeduntan’s deep expertise in banking and corporate finance.

Sequoia is reportedly gearing up to offer a range of services, including wealth management, financial structuring, and capital advisory, to help businesses navigate Nigeria's tricky financial environment. With Adeduntan's expertise in risk management and financial strategy, the firm is likely aiming to establish itself as a top-tier advisory service for corporate clients, financial institutions, and investors. 

As more former bank CEOs dive into private financial services, Sequoia is stepping into a competitive yet rewarding market, where seasoned professionals use their networks and know-how to provide tailored financial solutions.

Adeduntan's departure from FirstBank in April 2024 stirred up some controversy, especially since he was originally supposed to stay on until December 2024. His resignation came just three months after billionaire Femi Otedola took over as Chairman of FBN Holdings Plc on January 31, 2024. While no official reason was given for his early exit, sources indicate it stemmed from disagreements with Otedola regarding the bank's management and strategic direction. Following his departure, FirstBank appointed Olusegun Alebiosu as the new CEO. 

In November 2024, the bank held a farewell event for Adeduntan at Harbour Point Event Centre in Lagos, which attracted notable figures from Nigeria's financial and business circles. However, insiders revealed that Otedola criticized the event as extravagant and unnecessary, leading him to call for mass resignations within the bank due to what he saw as excessive spending and poor priorities.