In a sudden move that has sent shockwaves in Nigeria’s financial services industry, the Managing Director of First Bank of Nigeria Limited, Adesola Adeduntan.

Adedutan resigned his appointment from the company after nine years of holding the top executive position even though he was billed to retire in December when his tenure would have been fully completed.

“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests,” he said in a copy of his resignation letter.

First Bank is the flagship subsidiary of FBN Holdings, Nigeria’s foremost financial institution, which abruptly announced the cancellation of an extraordinary general meeting on Saturday morning after Mr Adeduntan resigned.

The meeting had been earlier “scheduled to be held virtually on Tuesday, April 30, 2024, at 10 am for the consideration and authorisation of the company to undertake a capital raise of up to N300,000,000,000,” FBN Holdings said in its notification to the Nigerian Exchange.

Mr Adeduntan joined First Bank in 2014, first as a chief financial officer and as an executive director.

Former managing director of First Bank of Nigeria Limited, Adesola Adeduntan. Prior to his stint at FirstBank, Adeduntan served at the Africa Finance Corporation as the pioneer chief financial officer/business manager and as a director as well. His range of expertise covers investment finance, commercial and investment banking, consulting and audit.

He was once a senior manager at the auditing and professional services firm KPMG and held the role of Senior vice president & chief financial officer at Citibank Nigeria Limited.

The Federal Competition and Consumer Protection Commission has released findings from a comprehensive investigation into the factors contributing to the relentless increase in consumer costs.

The Director of Surveillance and Investigation Mrs B. A. Adeyinka, said this while briefing journalists during a market surveillance to enforce prices today in Masaka Markets, Nasarawa State.

Adeyinka explained, “We’ve conducted extensive interviews with marketing executives and sellers across various sectors. Despite government efforts to stabilise the currency, prices remain high.

“Our findings point to a complex web of factors, including multiple layers of taxation and transportation costs, driving prices up. The cost of transportation is a significant burden on the sellers, and this cost is inevitably passed on to the consumer.

“For instance, a product that once cost N15,000 now sells for N50,000. This drastic increase is largely due to higher transportation expenses, the rising cost of pesticides, and security concerns in certain areas.

“Our first step is to compile a report on the multiple taxes affecting the market and advise the government on potential solutions. We aim to unlock the market by reducing these taxes, thereby easing the financial burden on both sellers and consumers.”

The FCCPC as part of its campaign for compliance sealed 4U Supermarket Wuse 2 on Thursday for breaching price and quality standards.

Speaking on Thursday, the acting Chief Executive Officer of FCCPC, Adamu Abdullahi, stated that the commission would continue the price enforcement in other states.

On his part, the executive chairman of the market, Gimbal Salasi said the market executives were working to ensure hitch-free market operations and price regulations in the market.