Adesola Adeduntan, the managing director of First Bank of Nigeria Limited, has resigned after nine years in the role.
He was scheduled to retire in December, when his tenure would have been completed.
“I have however decided to proceed on retirement with effect from April 20, 2024 to pursue other interests,” as stated in a copy of his resignation letter.
First Bank is the flagship unit of FBN Holdings, Nigeria’s largest financial institution, which hastily announced the cancellation of an extraordinary general meeting on Saturday morning following Mr Adeduntan’s resignation.
The meeting had previously been “scheduled to be held virtually on Tuesday, April 30, 2024, at 10 a.m. for the consideration and authorisation of the company to undertake a capital raise of up to N300,000,000,000,” FBN Holdings stated in its notification to the Nigerian Exchange.
Mr Adeduntan joined First Bank in 2014, serving as both chief financial officer and executive director. He formerly worked as the Africa Finance Corporation’s pioneer chief financial officer/business manager and director.
His areas of competence include investment finance, commercial and investment banking, consulting, and auditing.
He formerly worked as a senior manager at KPMG, an accounting and professional services organization, and as Senior Vice President and Chief Financial Officer of Citibank Nigeria Limited.
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Perhaps the most significant upheaval in his career, a leadership fight among vested interests at the bank in 2021 saw the power combination of Oba Otudeko, FBN Holdings’ chairman at the time, and Ibukun Awosika, the then chair of First Bank, remove Mr Adeduntan, appointing a replacement instead.
It required the supreme intervention of industry regulator the Central Bank of Nigeria, CBN, to reinstate him to that coveted post, ruling that his firing was a violation of corporate governance. The CBN later fired Mr Otudeko and Ms Awosika for their misbehavior.
Mr. Adeduntan received his veterinary medicine degree from the University of Ibadan in 1992. He possesses an Honoris Causa Doctor of Science degree from Cranfield University in the United Kingdom, as well as an MBA from the same university.
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