Adesola Adeduntan, who served as the Managing Director and Chief Executive Officer (CEO) of First Bank of Nigeria Ltd, has resigned from his position.
Gatekeepers News reports that he was appointed as the CEO of First Bank in 2016 and his tenure was expected to end on December 31, 2024. However, he voluntarily decided to step down on April 20, 2024.
In a letter addressed to Tunde Hassan-Odukale, the bank’s board chairman, Adeduntan expressed his gratitude towards the board of directors of First Bank and FBN Holdings for the support he received from them during his tenure.
“As you are aware, my contract would be expiring on 31 December 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,” Adeduntan said.
“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.
“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.”
Prior to his appointment as CEO, he served as the bank’s executive director and chief financial officer (CFO).
Before joining First Bank in July 2014, Adeduntan was a director and the pioneer CFO/business manager of Africa Finance Corporation (AFC). He also worked as a senior vice-president and CFO at Citibank Nigeria Limited, as a senior manager in the financial services group of KPMG Professional Services, and as a manager at Arthur Andersen Nigeria.
