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The Managing Director of First Bank of Nigeria Limited, Adesola Adeduntan, has resigned from his position after nine years of service. Adeduntan, who joined the bank in 2014 as the Chief Financial Officer and later became an Executive Director, was due to retire in December.
In his resignation letter, Adeduntan stated, “I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.” His resignation comes as a surprise to many, as he was expected to complete his tenure at the bank.
First Bank is the flagship subsidiary of FBN Holdings, Nigeria’s leading financial institution. Following Adeduntan’s resignation, the company announced the cancellation of an extraordinary general meeting that was scheduled to take place on Tuesday, April 30, 2024. The meeting was intended to authorize a capital raise of up to N300,000,000,000.
Impressive Career Background
Before joining First Bank, Adesola Adeduntan had an impressive career in the finance industry. He served as the pioneer Chief Financial Officer/Business Manager at the Africa Finance Corporation and held various roles at KPMG, a renowned auditing and professional services firm. His expertise spans investment finance, commercial and investment banking, consulting, and audit.
During his tenure at First Bank, Adeduntan played a crucial role in the bank’s growth and success. His leadership and strategic decisions contributed to the bank’s position as one of Nigeria’s leading financial institutions.
This article was updated 4 weeks ago
