First Bank’s MD, Adesola Adeduntan, steps down, gives reason

Adesola Adeduntan, the Managing Director (MD) of First Bank Nigeria Limited, has resigned after running the bank for three terms.

In a letter delivered to the Chairman of First Bank, Tunde Hassan-Odukale, headlined ‘Notice of Retirement,’ the bank CEO, whose term was set to expire on December 31, 2024, voluntarily elected to stand aside.

Adeduntan, the bank’s CEO since January 1, 2016, indicated in his resignation letter that he was departing to pursue other interests.

The letter read: “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 FirstBank for a record time of nine years.

“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 FirstBank 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. Warm regards.”

The bank chief who was retired in 2021, by the then board of the financial institution, was reinstated few days after by the Central Bank of Nigeria.

Since his appointment as MD/CEO, Adeduntan has contributed significantly towards the transformation of the financial institution and made it attractive to every strata of the society. From an institution that used to be perceived as an old-generation bank, FirstBank’s perception has improved significantly.

His career in banking and finance spanning more than three decades has earned him various recognitions and awards. He holds a Doctor of Science, Honoris Causa and an MBA from Cranfield University, United Kingdom which he attended as a Chevening Scholar, and a Doctor of Veterinary Medicine (DVM) awarded by the University of Ibadan.

 

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