Adesola Adeduntan, the Managing Director and Chief Executive Officer (CEO) of First Bank of Nigeria Ltd, has voluntarily resigned from his position, effective today.
In a letter addressed to the bank’s Board Chairman, Tunde Hassan-Odukale, seen by Okay.ng, Adeduntan announced his decision to step down, citing his contract’s expiration on December 31, 2024.
However, he chose to retire earlier to pursue other interests.
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.”
Adeduntan expressed gratitude to the board of directors of First Bank and FBN Holdings for their support during his nine-year tenure.
He highlighted the significant changes and milestones achieved during his leadership, including repositioning the institution as a financial giant in Africa.
Adeduntan was appointed CEO in 2016, having previously served as Executive Director and Chief Financial Officer (CFO).
His extensive experience includes roles at Africa Finance Corporation, Citibank Nigeria Limited, KPMG Professional Services, and Arthur Andersen Nigeria.
