The Board of First Bank of Nigeria Limited at its meeting today, approved the appointment of Mr Gbenga Shobo, currently Deputy Managing Director, as the Managing Director/CEO Designate of the bank. This decision is subject to all regulatory approvals. Gbenga succeeds 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. These decision will take effect from today, 28th April 2021
In announcing the appointment, Mrs Ibikun 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 corporate governance practices, which underpins the institution’s enduring sustainability and the 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 in the Lagos and west Directorate an was hitherto the Executive Director overseeing the Retail Business in the South Directorate.
‘”As part of his responsibilities 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
“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 First Bank as the pre-eminent bank in our chosen markets, delivering value to our stakeholders.
“Also appointed today is Abdullahi Ibrahim as Deputy Managing Director, while Mr. Ini Ebong, Mr Segun Alebiosu, Mr Seyi Oyefeso and Mrs Bashirat Odunewu are also appointed as Executive Directors. These decisions are subject to all regulatory approvals.
“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.”