The Managing Director of First Bank of Nigeria Limited, Adesola Adeduntan, has resigned from the role after serving as the organization’s top executive for nine years.
He was due to retire in December when his tenure would have been fully completed.
“I have chosen to pursue other interests by retiring with effect from April 20, 2024,” he stated in a resignation letter made available to newsmen.
The premier financial institution in Nigeria, FBN Holdings, whose flagship subsidiary First Bank is a part of, abruptly announced on Saturday morning that it would be calling off its extraordinary general meeting following Mr Adeduntan’s resignation.
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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.
Before this, he was a director and the first chief financial officer/business manager of the Africa Finance Corporation.
His areas of experience include auditing, consulting, investment and commercial banking, and investment finance.
He formerly served as senior vice president and chief financial officer of Citibank Nigeria Limited in addition to being a top management at the auditing and professional services company KPMG.
The biggest challenge of his career, was the leadership tussle among vested interest at the bank in 2021 that saw the power bloc of Oba Otudeko, FBN Holdings’ chairman at the time, and Ibukun Awosika, the then chair of the first bank, sack Mr Adeduntan, announcing a replacement in his stead.
It took the supreme intervention of the industry regulator the Central Bank of Nigeria (CBN) to restore him to that coveted position with a verdict that his dismissal was in breach of corporate governance.
Mr Adeduntan is a 1992 graduate of veterinary medicine from the University of Ibadan. he holds a doctor of science, honoris causa, from Cranfield University UK in addition to an MBA from the same institution.
