Dr. Adesola Adeduntan, the Managing Director of First Bank Nigeria Limited, has officially resigned from his position after a commendable nine-year tenure.
Throughout his leadership, Adeduntan oversaw the bank’s operations and guided its strategic direction across three terms.
First Bank is now preparing to introduce Adeduntan’s successor, who will be entrusted with navigating the bank’s expansion initiatives amid intense competition in the financial sector.
Adeduntan’s resignation comes as a surprise, announcing his decision to step down immediately, eight months ahead of the scheduled expiration of his tenure on December 31, 2024. He is set to commence his pre-retirement leave starting from Saturday, April 20, 2024.
According to reports, Adeduntan cited personal interests as his reason for leaving the esteemed position he has held since July 2014, serving as both Managing Director and Chief Executive Officer since 2016.
The resignation letter reads, “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, a confidential source, unauthorized to speak publicly on the matter, revealed that the Board of Directors of First Bank convened an urgent meeting following the abrupt departure of its Managing Director on Saturday.
During the meeting, significant discussions centered on strategies to mitigate the impact of Adeduntan’s sudden decision to commence his pre-retirement leave, effective immediately.
The insider disclosed that Adeduntan communicated his intention to resign eight months before his scheduled retirement directly to the Chairman of the Board of Directors, Hassan Odukale.
According to sources, despite efforts from some directors to persuade Adeduntan to reconsider his decision for the benefit of the bank, he remains resolute in his resolve to step down “to pursue other interests.”
Adeduntan’s academic journey includes earning a degree in veterinary medicine from the University of Ibadan in 1992. He was later conferred with a Doctor of Science, Honoris Causa, by Cranfield University, UK, and completed his MBA at the same institution.
His tenure at First Bank began in 2014, initially serving as the chief financial officer before progressing to the role of executive director. Prior to this, he played integral roles at the Africa Finance Corporation, holding positions such as inaugural chief financial officer/business manager and later as a director.
Adeduntan’s professional expertise encompasses investment finance, commercial and investment banking, consulting, and audit. He has previously held senior management positions at KPMG, a renowned auditing and professional services firm, and served as the Senior Vice President and Chief Financial Officer at Citibank Nigeria Limited.
