The Managing Director and Chief Executive Officer (CEO) of First Bank of Nigeria Limited, Dr. Adesola Adeduntan, has stepped down from his position to explore new opportunities.
News About Nigeria reports that Adeduntan’s term was set to end on December 31, 2024, but he chose to resign earlier to pursue other interests.
In his resignation letter to the chairman, he noted, “My contract would expire on December 31, 2024, after which I would no longer be able to work at the bank. I’ve served as the Managing Director/CEO of FirstBank for nine years.”
He said he made significant changes and achievements during his tenure, positioning the bank as a leading financial institution in Africa.
“I’ve decided to retire effective April 20, 2024, to pursue new interests,” he stated.
Adeduntan expressed gratitude to the board of directors of FirstBank and FBN Holdings Plc for their support during his leadership and wished the institution continued success in its future endeavours.
Adeduntan was appointed CEO of the bank on January 1, 2016.
He was retired in 2021 by the bank’s board. However, the bank executive was reinstated a few days later by the Central Bank of Nigeria.
Reports indicate that both the boards of FBN Holdings Plc, the parent company of First Bank, and the bank itself, accepted his resignation and expressed gratitude for his service.
Adeduntan has several recognitions and awards to his name. He holds a Doctor of Science, Honoris Causa, and an MBA from Cranfield University, UK, where he was a Chevening Scholar, as well as a Doctor of Veterinary Medicine (DVM) from the University of Ibadan.
He has participated in various executive and leadership programs at prestigious institutions such as Harvard Business School, Wharton School, London Business School, IESE, University of Oxford, University of Cambridge, CEIBS, and INSEAD. He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).
