One of Nigeria’s first generation banks, First Bank of Nigeria Limited on Wednesday announced the stepping aside of their Managing Director, Sola Adeduntan and the appointment of the new MD, Gbenga Shobo with effect from Wednesday April 28.
Ibukun Awosika, the bank’s chairman, announced his appointment in a statement said Shobo will succeed Sola Adeduntan, who will be leaving the bank in accordance with the term limit for chief executives, after leading the bank since January 2016.
“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 underpin the institution’s enduring sustainability and 127-year legacy,” Awosika said.
“The board is confident that Gbenga has the experience and understanding of the bank and the know-how to lead the bank through this next phase of growth, which is focused on positioning First Bank as the pre-
eminent bank in our chosen markets, delivering value to our stakeholders.
“I would like to thank Sola for his dedication and efforts during his helm at the Bank, and before as CFO. The board and I are grateful for his leadership of the bank over the last 5 and a half years and believe that the strong foundations created during his term will provide an excellent basis for our continued success.”
Awosika said Shobo was appointed as the bank’s deputy managing director (DMD) in 2016.
He also formerly served as executive director overseeing the retail banking/public sector businesses in the Lagos & West directorate and was hitherto the executive director overseeing the retail business in the South directorate.
“As part of his responsibility for retail banking, he has been instrumental in developing and growing the bank’s agency banking business, which today, is the market leader in agency banking, leveraging partnerships and best-in-class technology and bringing banking services to millions of unbanked and underbanked customers in Nigeria and across various countries where we operate through our African subsidiaries,” she added.
The bank’s board also appointed Abdullahi Ibrahim as deputy managing director while Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu were appointed as executive directors.
The appointments are subject to all regulatory approvals.