First Bank appoints new MD/CEO as Adeduntan Retires

Arakunle Kayode

The board of directors of First Bank of Nigeria has approved the appointment of Gbenga Shobo as the new Managing Director/Chief Executive Officer (CEO), effective from Wednesday.

Prior to his promotion, Shobo was the bank’s Deputy Director and he succeeds with Adesola Adeduntan who will be leaving the bank in compliance with the bank’s term limits for CEOs after leading the affairs of the bank since 2016.

Meanwhile, Abdullahi Ibrahim has been appointed as the new Deputy Managing Director, while Mr Ini Ebong, Mr Segun Alebiosu, Mr Seyi Oyefeso and Mrs Bashirat Odunewu, were also appointed as Executive Directors.

Speaking on the appointment, Ibukun Awosika, Chairman of the bank says, “We are proud to announce Gbenga Shobo as our new MD/CEO. His appointment demonstrates the tenacity of our succession planning processes as well as the importance we place on our long-standing corporate governance practices, which underpin the institution’s long-term viability and 127-year legacy.

I would like to thank Sola for his dedication and efforts during his time at the helm of affairs 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.”

According to the statement, Shobo has had a fruitful career in banking and elsewhere, culminating in his appointment as Deputy Managing Director. Prior to his appointment as Deputy Managing Director in 2016, he was the Executive Director in charge of the Retail Banking/Public Sector companies in the Lagos & West Directorate, and he was previously the Executive Director in charge of the Retail Group.