The Managing Director of First Bank Nigeria Limited, Dr Adesola Adeduntan, has offered his resignation.
Adeduntan’s exit marks the conclusion of his nine-year term, during which he oversaw the bank’s operations and strategic direction for three terms.
First Bank is set to announce Adeduntan’s replacement, who will lead the bank’s expansion efforts in the competitive financial sector.
It is reported that Adeduntan, who has been the MD since July 2014 and CEO since 2016, revealed his decision to resign immediately, eight months before his tenure ends on December 31, 2024.
According to the resignation letter, he will start his pre-retirement leave from Saturday, April 20, 2024.
In his resignation letter, Adeduntan also mentioned that he was leaving to pursue other interests, as reported by ThisDay.
In the resignation letter, he mentioned, “As you are aware, my contract would expire on December 31, 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 have undergone significant transformations and achieved remarkable milestones. We have successfully repositioned the institution as a leading financial powerhouse in Africa. However, I have decided to retire effective from April 20, 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 continued success and progress as we move into the next phase of its evolution. Warm regards.”
Meanwhile, an insider source who is not authorised to publicly comment on the issue said the Board of Directors of First Bank met over the sudden departure of its MD on Saturday.
In a significant development, the meeting discussed ways of mitigating the effects of Adedutan’s sudden pre-retirement leave, which he said should take effect from today.
The source further stated that Adedutan conveyed his decision to quit eight months before his scheduled retirement to the Chairman of the Board of Directors, Hassan Odukale.
Sources said some directors are prevailing on Adedutan to rescind his decision in the interest of the bank, but he is determined to quit ” to pursue other interests. “
Adeduntan obtained his veterinary medicine degree from the University of Ibadan in 1992. Subsequently, Cranfield University, UK, honoured him with a Doctor of Science, Honoris Causa, and he completed an MBA at the same institution.
In 2014, Adeduntan began his tenure at First Bank, starting as the chief financial officer, before advancing to become an executive director.
Before this, he played a pivotal role at the Africa Finance Corporation, serving as its inaugural chief financial officer/business manager and later as a director.
Adeduntan’s professional expertise spans investment finance, commercial and investment banking, consulting, and audit.
Before this, he had high-ranking positions at KPMG, a well-known auditing and professional services company, and was the Senior Vice President and Chief Financial Officer at Citibank Nigeria Limited.
