The Managing Director of First Bank Nigeria Limited, Dr. Adesola Kazeem Adeduntan, has resigned from the bank after leading the institution for three terms.
This was disclosed in a letter addressed to the bank’s board chairman, Tunde Hassan-Odukale titled, according to Thisday.
Adeduntan’s tenure ought to elapse on December 31 2024, but the Bank CEO voluntarily decided to step down and would proceed on his pre-retirement leave from today.
He said “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,”
“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 with retirement with effect from April 20, 2024 to pursue other interests.
“I am eternally grateful to the board of directors of First Bank 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 boards of FBN Holdings Plc, the parent company of First Bank and that of First Bank had also accepted the resignation and thanked the outgoing CEO for his service to the financial institution.
Adeduntan was appointed as CEO of First Bank in 2016.
Recall that the board of First Bank had retired the Bank CEO in 2021 but was reinstated a few days later by the Central Bank of Nigeria.
The MD/CEO, Adeduntan has significantly impacted the bank, particularly towards the transformation of the financial institution.
Before joining First Bank in July 2014, he was a director and the pioneer CFO/business manager of Africa Finance Corporation (AFC).
