Adeduntan steps down as FirstBank CEO

Adeduntan steps down as FirstBank CEO

Managing director of FirstBank Group Adesola Adeduntan has announced he is stepping down from the position after leading the institution for three terms.

Adeduntan said in a letter addressed to FirstBank Group chairman Tunde Hassan-Odukale that he would proceed on pre-retirement leave from April 20.

He said he was leaving the position to pursue other interests.

The letter read: “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.”

The bank chief, who was retired in 2021 by the then board of the financial institution headed by Ibukun Awosika, was reinstated a few days after by the Central Bank of Nigeria.

Awosika and the entire board were sacked by the CBN.

Hassan-Odukale, who was the managing director of Leadway Assurance Company, was immediately announced as Awosika’s replacement as FirstBank chairman.

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