A letter of resignation seen by TheTimes indicates Dr. Adesola Adeduntan has resigned from his position as Managing Director of First Bank Ltd.
Reliable sources familiar with the matter also confirmed this to TheTimes, corroborating other media reports suggesting the same.
An official disclosure has yet to be filed with the Nigerian Exchange Group (NGX) as of Friday evening, when TheTimes received the information.
According to our sources, Adedutan tendered his resignation to the board of the holding company of the bank, and it was accepted. He also communicated an effective resignation date of April 20, 2024.
In letter seen by TheTimes, Adeduntan stated that “he would no longer be eligible for employment” of the bank after serviving for a record nine years.
New FBNH
The resignation also follows the recent appointments of 5 new elite directors at the holdco and bank levels, a move seen as an attempt to strengthen the corporate governance framework of the bank.
The directors appointed by the bank all have intimidating resume’s suggesting a new direction for one of Nigeria’s largest financial institutions.
The holding company announced the appointment of Mr. Olusola Adeeyo, and Mr. Viswanathan Shankar as Non-Executive Directors of FBN Holdings Plc respectively. The bank (a subsidiary of the HoldCo) also appointed Mrs. Remilekun Adetola Odunlami as Non-Executive Director and Mr. Anil Dua and Mrs Fatima Ibrahim Ali as Independent Non-Executive Directors of FirstBank.
Backstory
Throughout his tenure, previously reported by TheTimes, Adedutan played a pivotal role in navigating the bank through challenging economic periods, focusing on digital transformation initiatives and strengthening the bank’s market position.
His tenure was controversially renewed in April 2021 for a second term, following an initial six-year term. This April marks the end of another three-year term at the helm of the bank for Adedutan, adhering to First Bank’s tradition of MD/CEOs serving three-year tenures, of which Adedutan has now completed two.
His departure marks a significant shift in the bank’s leadership dynamics as it approaches a critical juncture in its strategic development.
This story is still unfolding. Please check back for updates as we continue to gather more details.
Meanwhile an Extra-ordinary General Meeting planned for April 30th, 2024, to consider the bank’s planned N300 billion capital raise, has been cancelled. This was communicated in a notification on the NGX.
