Gbenga Shobo appointed First Bank MD as Adeduntan retires

April 28, 2021
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Gbenga Shobo
Shobo, First Bank MD

OBINNA EZUGWU

The Board of First Bank of Nigeria, has appointed Mr. Gbenga Shobo, as Managing Director, effective from April 28, 2021.

Before his elevation to MD, Shobo was Deputy Managing Director of the bank.

He succeeds Dr. Adesola 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.

The bank also appointed Abdullahi Ibrahim as Deputy Managing Director, while Mr Ini Ebong, Mr. Segun Alebiosu, Mr. Seyi Oyefeso, and Mrs. Bashirat Odunewo wereappointed as Executive Directors, subject to regulatory approvals.

Announcing the appointment, Mrs. Ibukun Awosika, Chairman, First Bank of Nigeria Limited, explained, “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 governance practices, which underpin the institution’s enduring sustainability and 127-year legacy.

“Gbenga has had a successful career in the bank and elsewhere, culminating in his appointment as Deputy Managing Director (DMD) in 2016. PRIOR TO his appointment as DMD, he was the Executive Director overseeing the Retail Banking/Public sector businesses in the Lagos & West Directorate and was hitherto the Executive Director overseeing the Retail Businesses in the South Directorate.

“As part of his responsibility for Retail Banking, he has been instrumental in developing and growing the bank’s Agency banking business, which today, is the market leader in Agency Banking, leveraging partnerships and best in class technology and bringing banking services to millions of unbanked and underbanked customers in Nigeria and across various countries where we operate through our African subsidiaries.”

“I would like to thank Sola for his dedication and efforts during his helm at the bank, and before as CFO. The Board and I are grateful for his leadership of the Bank over the last 5 and a half years and believe that the strong foundations created during his term will provide an excellent basis for our continued success. We wish him well in his future endeavours outside the FirstBank Group,” Awosika added.

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