Nigeria: Understanding Dr. Adesola Adeduntan’s Resignation from First Bank MD Position

Dr. Adesola Adeduntan’s recent resignation as the Managing Director of First Bank of Nigeria Limited, a 130-year-old institution, has sparked discussions across various circles. Despite having eight months left in his tenure, Adeduntan chose to step down, leaving many to wonder about the reasons behind his decision.

According to a letter addressed to Mr. Tunde Hassan-Odukale, the Chairman of First Bank, titled ‘Notice of Retirement,’ Adeduntan voluntarily decided to commence his retirement leave immediately. The letter outlined his reasons for stepping down, citing the expiration of his contract on December 31, 2024, after serving as the Managing Director/Chief Executive Officer for a record nine years.

In the letter, Adeduntan expressed gratitude to the Board of Directors of First Bank and FBN Holdings Plc for their support during his tenure. He highlighted the significant changes and achievements made during his leadership, positioning the institution as a formidable financial giant in Africa. Despite his departure, Adeduntan expressed his best wishes for the continued success and progress of First Bank as it enters the next phase of its evolution.

Adeduntan’s career in banking and finance spans over three decades, marked by various recognitions and awards. He holds a Doctor of Science, Honoris Causa, and an MBA from Cranfield University, UK, where he attended as a Chevening Scholar. Additionally, he holds a Doctor of Veterinary Medicine (DVM) from the University of Ibadan. Adeduntan has participated in numerous executive and leadership programs at renowned institutions worldwide, further enriching his expertise in the field.

Throughout his tenure as MD/CEO, Adeduntan significantly contributed to the transformation of First Bank, enhancing its appeal across all segments of society. Under his leadership, the institution evolved from being perceived as an old-generation bank to a more dynamic and forward-looking financial institution.

Despite his resignation, Adeduntan’s legacy at First Bank remains indelible, reflecting his commitment to excellence and strategic leadership. As he embarks on new endeavors, his contributions to the banking sector and the broader financial landscape will be remembered and celebrated.