First Bank Board of Directors convened in an emergency meeting Saturday to deliberate on the unexpected resignation of the bank’s Group Managing Director/CEO, Adesola Adeduntan.
The bank chief resigned on Friday, eight months earlier than December 31, 2024, originally planned.
The board met to see how to mitigate the effects of Adeduntan’s sudden decision to quit.
The bank is expected to brief shareholders and other stakeholders on the development, any moment from now.
Industry sources said Adeduntan may be allowed to stay for a little while to ensure a smooth transition.
Adeduntan had, in a ‘Notice of Retirement,’ to the Chairman of the Board of Directors, Hassan Odukale, conveyed his decision to step down ahead of the December 31, 2024 date.
Sources said some directors are urging Adedutan to rescind his decision in the interest of the bank, but he is determined to quit “to pursue other interests.”
His tenure, which commenced on January 1, 2016 recorded significant milestones and kept the Tier-1 lender on the path of sustainable profitability.
Adeduntan in his resignation letter, said: “As you are aware, my contract would be expiring on December 31, 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.
“During this period, the bank and its subsidiaries have 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 April 20, 2024, to pursue other interests.
“I am eternally grateful to the board of directors of FirstBank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continued success and progress as we move into the next phase of its evolution. Warm regards.”
The bank chief, who was retired in 2021 by the then board of the financial institution, was reinstated a few days later by the Central Bank of Nigeria. Since his appointment as MD/CEO, Adeduntan has significantly contributed to the transformation of the financial institution and made it attractive to every strata of society. From an institution that used to be perceived as an old-generation bank, FirstBank’s perception has improved significantly. His career in banking and finance, spanning more than three decades, has earned him various recognitions and awards.
He holds a Doctor of Science, Honoris Causa, and an MBA from Cranfield University, United Kingdom which he attended as a Chevening Scholar, and a Doctor of Veterinary Medicine (DVM) awarded by the University of Ibadan. He has attended various executive and leadership programmes at Harvard Business School (USA), Wharton School (USA), London Business School (UK), IESE (Spain), the University of Oxford (UK), the University of Cambridge (UK), CEIBS (China) and INSEAD (France). He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).
FirstBank was also recently announced as the Best Corporate Bank at the prestigious Euromoney Awards for Excellence, Nigeria 2023.
The bank clinched the coveted award based on its 130-year commitment to enabling its corporate customers to achieve success through relevant and tailored financial solutions.
FirstBank’s continuous investment in technology has been crucial to its leading industry role in optimally meeting the needs of its corporate customers. Recent investments in technology include the development of its smart and interactive Transaction Banking Platform known as FirstDirect2.0.
The bank explained that FirstDirect2.0 provides a one-stop shop online banking platform for corporates, offering best-in-class capabilities such as Payments, Collections, and Account Services, and a locally focused phased implementation of Trade and Supply Chain Finance – a first for the Bank.
