Adeduntan retires, Gbenga Shobo takes over as First Bank CEO

A day after the AGM of its holding company, the Board of Directors of First Bank of Nigeria Limited has approved the appointment of Mr. Gbenga Shobo as its CEO, effective 28 April.

Shobo was, until today, the bank’s Deputy Managing Director. His appointment is subject to regulatory approval.

He succeeds Mr. Adesola Adeduntan, who has stepped aside in accordance with the term limits for bank chief executives. He was appointed January 2016.

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Also appointed was Abdullahi Ibrahim as Deputy Managing Director, while Mr. Ini Ebong, Mr. Segun Alebiosu, Mr. Seyi Oyefeso and Mrs. Bashirat Odunewu, were appointed as Executive Directors.

All the appointments are also subject to regulatory approvals.

Valedictory photo: Adeduntan, right with other officials of FBN Holdings on Tuesday
Valedictory photo: Adeduntan, right with other officials of FBN Holdings on Tuesday

Chairman, First Bank, Mrs. Ibukun Awosika said: “We are proud to announce Gbenga Shobo as our new MD/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.

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“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.

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“We wish him well in his future endeavours outside the FirstBank Group.”

Prior to his appointment as deputy CEO in 2016, Shobo was the Executive Director overseeing the Retail Banking/Public Sector businesses in the Lagos & West Directorate.

He had also served as Executive Director overseeing the Retail Business in the South Directorate.


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