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First Bank appoints new MD as Adeduntan retires

First Bank of Nigeria on Wednesday announced the appointment of Gbenga Shobo as managing director/CEO.

The appointment, which takes effect from Wednesday, followed the retirement of Adesola Adeduntan, who has led the bank since January 2016. Until his appointment, Shobo was the bank’s deputy managing director.

Shobo has had a successful career in the bank and elsewhere, culminating in his appointment as deputy managing director. In 2016, prior to his appointment as deputy managing director, he was the executive director overseeing the retail banking/public sector businesses in the Lagos & West directorate and was hitherto the executive director overseeing the retail business in the South Directorate.

Commenting on the appointment, Ibukun Awosika, chairman, First Bank, said: “We are proud to announce Gbenga Shobo as our new CEO. His appointment has proven the resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpins the institution’s enduring sustainability and the 127-year legacy.

“I would like to thank Sola for his dedication and efforts during his helm at the bank, and before as chief finance officer. The board and I are grateful for his leadership of the bank over the last five years and a half and believe that the strong foundation created during his term would provide an excellent basis for our continued success. We wish him well in his future endeavours outside the FirstBank Group.”

Other key appointments include Abdullahi Ibrahim as deputy managing director, Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, were also appointed as executive directors.

A statement from the bank noted that the appointments are subject to regulatory approval.

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