FirstBank appoints Gbenga Shobo as MD/CEO as Adeduntan retires

By Trek Africa Newspaper

Mr Gbenga Shobo

First Bank Nigeria has appointed Gbenga Shobo as its managing director/chief executive officer effective from April 28.

Mr Shobo, who until now was the lender’s deputy managing director, will take over leadership from Adesola Adeduntan, who will be retiring in accordance with the bank’s term limits for chief executives, having headed it since 2016.

“His appointment has proven the resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpin the institution’s enduring sustainability and 127-year legacy,” Ibukun Awosika, chair of the bank’s board of directors, said Wednesday in a statement reported by The Cable.

“The board is confident that Gbenga has the experience and understanding of the bank and the know-how to lead the bank through this next phase of growth, which is focused on positioning FirstBank as the pre-eminent bank in our chosen markets, delivering value to our stakeholders.”

FirstBank’s spokespersons could not immediately be reached to comment for this report.

A chartered accountant, Shobo commenced his career in 1986 with Coopers & Lybrand (now known as PricewaterhouseCoopers), later venturing into banking when he joined Victory Merchant Bank.

He was a general manager, corporate/commercial banking at FBN Merchant Bank Limited from 2004 to 2005.

Since joining FirstBank in 2006, Shobo has held positions including group head (national corporates), executive vice president (retail south) and executive director (Lagos & West).

He was also a non-executive director and chairman of FBN General Insurance Limited.