First Bank Appoints Gbenga Shobo CEO as Adeduntan Retires

First Bank Appoints Gbenga Shobo CEO as Adeduntan Retires

First Bank of Nigeria (FBN) Limited announced the appointment of Mr. Gbenga Shobo as Chief Executive as Adesola Adeduntan retires a day after the AGM of its holding company.

Effective from 28 April, The Board of Directors of First Bank of Nigeria Limited announced the approval of the appointment of Shobo, a former Deputy Managing Director.

Meanwhile, the new bank chief appointment is subject to regulatory approval.

He succeeds Mr. Adesola Adeduntan, who stepped aside in accordance with the 10 years term limits for bank chief executives following his appointment in January 2016.

Also appointed was Abdullahi Ibrahim as Deputy Managing Director, while Mr. Ini Ebong, Mr. Segun Alebiosu, Mr. Seyi Oyefeso and Mrs. Bashirat Odunewu, were appointed as Executive Directors.

All the appointments are also subject to regulatory approvals.

Chairman, First Bank Limited, Mrs. Ibukun Awosika said: “We are proud to announce Gbenga Shobo as our new MD/CEO.

“His appointment has proven the resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpins the institution’s enduring sustainability and the 127-year legacy.

“I would like to thank Sola for his dedication and efforts during his helm at the bank, and before as Chief Finance Officer.

“The board and I are grateful for his leadership of the bank over the last five years and a half and believe that the strong foundation created during his term would provide an excellent basis for our continued success.

“We wish him well in his future endeavours outside the FirstBank Group.”

Prior to his appointment as deputy CEO in 2016, Shobo was the Executive Director overseeing the retail banking and public sector businesses in the Lagos & West Directorate.

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First Bank Appoints Gbenga Shobo CEO as Adeduntan Retires