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Mr Adesola Adeduntan, the Managing Director of First Bank Nigeria Limited, has resigned from the bank after leading the financial institution for three terms.
In a letter addressed to the Chairman of First Bank, Tunde Hassan-Odukale, titled, ‘Notice of Retirement,’ the bank CEO whose tenure is expected to end on December 31, 2024, willingly decided to step down from his position.
The bank chief who was appointed CEO of the bank on January 1, 2016, also disclosed in his resignation letter that he was leaving to pursue other interests.
Part of the letter reads, “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. Warm regards.”
Before his appointment as First Bank Managing Director, Adesola was once a senior manager at the auditing and professional services firm KPMG and held the role of Senior vice president and chief financial officer at Citibank Nigeria Limited.
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Since his appointment as MD/CEO, he has contributed greatly towards the transformation of the financial institution and made it attractive to every strata of the society.
From being an institution that used to be seen as an old-generation bank, FirstBank’s perception has improved significantly over time.
His career in banking and finance spanning more than three decades has earned him various recognitions and awards.
He holds a Doctor of Science, Honoris Causa and an MBA from Cranfield University, United Kingdom which he attended as a Chevening Scholar, and a Doctor of Veterinary Medicine (DVM) awarded by the University of Ibadan.
