FirstBank appoints Gbenga Shobo as MD/CEO as Adeduntan retires

FirstBank of Nigeria Limited has appointed Gbenga Shobo as its managing director/chief executive officer effective from April 28.

Mr Shobo, who until now was the lender’s deputy managing director, will take over leadership from Adesola Adeduntan, who will be retiring in accordance with the bank’s term limits for chief executives, having headed it since 2016.

“His appointment has proven the resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpin the institution’s enduring sustainability and 127-year legacy,” Ibukun Awosika, chair of the bank’s board of directors, said Wednesday in a statement reported by the media.

“The board is confident that Gbenga has the experience and understanding of the bank and the know-how to lead the bank through this next phase of growth, which is focused on positioning FirstBank as the pre-eminent bank in our chosen markets, delivering value to our stakeholders.”

She also acknowledged the effort and Commitment of Mr. Adedutan while working with the bank.

“I would like to thank Sola for his dedication and efforts during his helm at the Bank, and before as CFO. The board and I are grateful for his leadership of the bank over the last 5 and a half years and believe that the strong foundations created during his term will provide an excellent basis for our continued success.”

Mr. Shobo is a chartered accountant, who commenced his career in 1986 with Coopers & Lybrand (now known as PricewaterhouseCoopers), later venturing into banking when he joined Victory Merchant Bank.

He was a general manager, corporate/commercial banking at FBN Merchant Bank Limited from 2004 to 2005.

Since joining FirstBank in 2006, Shobo has held positions including group head (national corporates), executive vice president (retail south) and executive director (Lagos & West).

He was also a non-executive director and chairman of FBN General Insurance Limited.

The board also announced the appointments of Abdullahi Ibrahim as deputy managing director and Ini Ebong, Seyi Oyefeso, Bashirat Odunewu and Segun Alebiosu as executive diretocrs. The appointments are subject to regulatory approvals.