Adeduntan retires as First Bank MD

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.