First Bank CEO Adeduntan Resigns, Gives Reasons in Goodbye Letter

First Bank CEO Adeduntan Resigns, Gives Reasons in Goodbye Letter

  • First Bank's Managing Director, Adesola Adeduntan, is set to leave his position after nine years with the bank
  • He will be departing having served in various positions meritoriously and playing a key role in the bank's success in the last decade
  • First Bank is expected to announce a replacement soon to drive the bank's growth amid strong competition journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Adesola Adeduntan, the Chief Executive Officer and the managing director of First Bank of Nigeria Limited, has tendered his resignation.

Adeduntan, who has held the esteemed position of MD since July 2014 and CEO since 2016, announced his decision to resign immediately, eight months before his tenure expires on December 31, 2024.

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First Bank MD resigns
First Bank Adeduntan resigns as MD
Source: Facebook

He would commence his pre-retirement leave from today, Saturday, April 20, 2024, the resignation letter noted.

Adeduntan also stated in his resignation letter that he was leaving to pursue other interests, ThisDay reports.

The resignation 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 have undergone significant transformations and achieved remarkable milestones. We have successfully repositioned the institution as a leading financial powerhouse in Africa. However, I have decided to retire effective from April 20, 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.”

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Adeduntan profile

Adeduntan obtained his veterinary medicine degree from the University of Ibadan in 1992. Subsequently, Cranfield University, UK, honoured him with a Doctor of Science, Honoris Causa, and he completed an MBA at the same institution.

In 2014, Adeduntan commenced his tenure at First Bank, starting as the chief financial officer before advancing to become an executive director.

Prior to this, he played a pivotal role at the Africa Finance Corporation, serving as its inaugural chief financial officer/business manager and later as a director.

Adeduntan's professional expertise spans investment finance, commercial and investment banking, consulting, and audit.

He previously held senior management roles at KPMG, a prominent auditing and professional services firm, and served as the Senior Vice President and chief Financial Officer at Citibank Nigeria Limited.

Banks release requirements for customers buying dollars

Meanwhile, reported that Nigerian banks have sent messages on new requirements to customers seeking foreign exchange.

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According to the banks, starting from April 1, 2024, customers must now provide evidence of a three-year Tax Clearance Certificate (TCC) to buy dollars.

Some banks that have sent out the new requirements include Standard Chartered Bank, Fidelity Bank and Stanbic IBTC.


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