Adesola Adeduntan resigns as FirstBank MD/CEO effective April 20th, 2024

A letter of resignation seen by this online medium indicates Dr. Adesola Adeduntan has resigned from his position as Managing Director of First Bank Ltd.  

Reliable sources familiar with the matter also confirmed this to Nairametrics, corroborating other media reports suggesting the same. 

An official disclosure has yet to be filed with the Nigerian Exchange Group (NGX) as of Friday evening, when Nairametrics received the information.

According to our sources, Adedutan tendered his resignation to the board of the holding company of the bank, and it was accepted. He also communicated an effective resignation date of April 20, 2024. 

Adedutan’s Resignation

In letter seen by Nairametrics, Adeduntan stated that “he would no longer be eligible for employment” of the bank after serviving for a record nine years. 

• “As you are aware, my contract would be expiring on 31 December 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 has 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 20 April 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 continue success and progress as we move into the next phase of its evolution.

New FBNH

The resignation also follows the recent appointments of 5 new elite directors at the holdco and bank levels, a move seen as an attempt to strengthen the corporate governance framework of the bank.  

• The directors appointed by the bank all have intimidating resume’s suggesting a new direction for one of Nigeria’s largest financial institutions.
• The holding company announced the appointment of Mr. Olusola Adeeyo, and Mr. Viswanathan Shankar as Non-Executive Directors of FBN Holdings Plc respectively.
• The bank (a subsidiary of the HoldCo) also appointed Mrs. Remilekun Adetola Odunlami as Non-Executive Director and Mr. Anil Dua and Mrs Fatima Ibrahim Ali as Independent Non-Executive Directors of FirstBank.

Backstory

Throughout his tenure, previously reported by Nairametrics, Adedutan played a pivotal role in navigating the bank through challenging economic periods, focusing on digital transformation initiatives and strengthening the bank’s market position.  

• His tenure was controversially renewed in April 2021 for a second term, following an initial six-year term. This April marks the end of another three-year term at the helm of the bank for Adedutan, adhering to First Bank’s tradition of MD/CEOs serving three-year tenures, of which Adedutan has now completed two.
• His departure marks a significant shift in the bank’s leadership dynamics as it approaches a critical juncture in its strategic development.
• This story is still unfolding. Please check back for updates as we continue to gather more details.
• Meanwhile an Extra-ordinary General Meeting planned for April 30th, 2024, to consider the bank’s planned N300 billion capital raise, has been cancelled. This was communicated in a notification on the NGX.