According to the letter obtained by Nairametrics, Dr Adesola Adeduntan has tendered his resignation as the Managing Director of First Bank Ltd., effective April 20th, 2024.
Multiple media reports and reliable sources have confirmed this development. However, as of Friday evening, an official disclosure has yet to be filed with the Nigerian Exchange Group (NGX).
Adeduntan submitted his resignation to the bank’s holding company board, which was subsequently accepted. In his letter, he indicated that he would no longer be eligible for employment within the bank after nine years of service.
Adeduntan stated in the letter, “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 nine years.”
He further expressed gratitude to the board of directors for their support during his tenure and outlined his decision to retire to pursue other interests.
The resignation coincides with the recent appointments of five new elite directors at both the holdco and bank levels to strengthen the corporate governance framework. Notable among them are Mr. Olusola Adeeyo and Mr. Viswanathan Shankar, appointed as Non-Executive Directors of FBN Holdings Plc.
FirstBank appointed Mrs. Remilekun Adetola Odunlami as Non-Executive Director and Mr. Anil Dua and Mrs. Fatima Ibrahim Ali as Independent Non-Executive Directors.
Throughout his tenure, Adeduntan was pivotal in steering the bank through challenging economic periods, focusing on digital transformation initiatives and enhancing its market position.
Renewed controversially for a second term in April 2021, Adeduntan has now completed his second three-year term as per First Bank’s tradition of MD/CEOs serving three-year tenures.
His departure marks a significant transition in the bank’s leadership dynamics as it navigates a crucial phase in its strategic development.
Meanwhile, an Extraordinary General Meeting scheduled for April 30th, 2024, to discuss the bank’s planned N300 billion capital raise has been cancelled, per a notification on the NGX.
This story is still unfolding; further updates will be provided as more details emerge.
