The Board of First Bank of Nigeria Limited has named the Deputy Managing Director Mr. Gbenga Shobo as the bank’s Managing Director/Chief Executive Officer (MD/CEO)-designate.
The decision, taken at the board’s meeting, is subject to regulatory approvals.
Shobo is succeeding Mr. Sola Adeduntan, who will be leaving the bank in accordance with the bank’s term limit for its Chief Executives, after successfully leading the bank since January 2016.
All the appointments are subject to regulatory approvals.
Commenting on the appointment, the bank’s Chairman, 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.”