Shobo takes over from Adeduntan as FirstBank MD

The Directors of First Bank of Nigeria Limited has approved the appointment of. Gbenga Shobo as the new Managing Director/Chief Executive Officer (CEO), effective Wednesday, April 28, 2021.

Shobo succeeds Sola Adeduntan, who will be leaving the bank in accordance with the bank’s term limit for its Chief Executive, after successfully leading the bank since January 2016.

Until the appointment, Shobo was the bank’s Deputy Managing Director. Also appointed was Abdullahi Ibrahim as Deputy Managing Director, while Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Mrs. Bashirat Odunewu were also appointed as Executive Directors.

According to a statement by the bank, these appointments are also subject to regulatory approvals.

The statement also explained that Shobo was the Executive Director overseeing the retail banking / public sector businesses in the Lagos and West Directorate and was hitherto the Executive Director overseeing the retail business in the South Directorate prior to his appointment as FirstBank DMD.

Commenting on the appointment, the Chairman, First Bank, Mrs. Ibukun Awosika, said: “We are proud to announce Gbenga Shobo as our new MD/CEO.  His appointment has proven the resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpins the institution’s enduring sustainability and the 127-year legacy.

“I would like to thank Sola for his dedication and efforts during his helm at the bank, and before as Chief Finance Officer. The board and I are grateful for his leadership of the bank over the last five years and a half and believe that the strong foundation created during his term would provide an excellent basis for our continued success. We wish him well in his future endeavours outside the FirstBank Group.”