First Bank’s Managing Director, Adesola Adeduntan, Steps Down

• Adesola Adeduntan, First Bank of Nigeria Limited’s managing director, has resigned after nine years
• His resignation, effective April 20, 2024, prompted the unexpected cancellation of an extraordinary general meeting scheduled for April 30

Adesola Adeduntan, the managing director of First Bank of Nigeria Limited, has resigned after serving nine years as the company’s top executive.

“I have, however, decided to proceed on retirement with effect from 20 April 2024 to pursue other interests,” he said in a copy of his resignation letter seen by PREMIUM TIMES.

First Bank, a key subsidiary of FBN Holdings, Nigeria’s leading financial institution, unexpectedly cancelled an extraordinary general meeting following Adeduntan’s resignation.

Initially slated for April 30, 2024, the meeting was intended to authorize the company to undertake a capital raise of up to N300 billion, according to FBN Holdings’ notification to the Nigerian Exchange.

Adeduntan joined First Bank in 2014, initially serving as the chief financial officer before becoming an executive director. Before his tenure at First Bank, he held prominent positions at the Africa Finance Corporation and Citibank Nigeria Limited.

With a wealth of experience in investment finance, commercial and investment banking, consulting, and audit, Adeduntan has made significant contributions to the financial sector throughout his career. He previously worked at KPMG, a renowned auditing and professional services firm.