Adeduntan’s departure marks the end of his nine-year tenure, during which he supervised the bank’s operations and strategic direction for three terms.
First Bank is poised to unveil Adeduntan’s successor, who will spearhead the bank’s expansion initiatives amidst fierce competition in the financial sector.
Checks indicate that Adeduntan, who has held the esteemed position of MD since July 2014 and CEO since 2016, announced his decision to resign immediately, eight months before his tenure expires on December 31, 2024.
He would commence his pre-retirement leave from Saturday, April 20, 2024, the resignation letter noted.
Adeduntan also stated in his resignation letter that he was leaving to pursue other interests, ThisDay reports.
The resignation letter reads, “As you are aware, my contract would expire on December 31, 2024, after which I would no longer be eligible for employment within the bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years.
“During this period, the bank and its subsidiaries have undergone significant transformations and achieved remarkable milestones. We have successfully repositioned the institution as a leading financial powerhouse in Africa. However, I have decided to retire effective from April 20, 2024, to pursue other interests.
“I am eternally grateful to the board of directors of FirstBank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continued success and progress as we move into the next phase of its evolution. Warm regards.”
Meanwhile, an insider source who is not authorised to publicly comment on the issue said the Board of Directors of First Bank met over the sudden departure of its MD on Saturday.
In a significant development, the meeting discussed ways of mitigating the effects of Adedutan’s sudden pre-retirement leave, which he said should take effect from today.
The source further stated that Adedutan conveyed his decision to quit eight months before his scheduled retirement to the Chairman of the Board of Directors, Hassan Odukale.
Sources said some directors are prevailing on Adedutan to rescind his decision in the interest of the bank, but he is determined to quit ” to pursue other interests. “
Adeduntan obtained his veterinary medicine degree from the University of Ibadan in 1992. Subsequently, Cranfield University, UK, honoured him with a Doctor of Science, Honoris Causa, and he completed an MBA at the same institution.
In 2014, Adeduntan commenced his tenure at First Bank, starting as the chief financial officer, before advancing to become an executive director.
Before this, he played a pivotal role at the Africa Finance Corporation, serving as its inaugural chief financial officer/business manager and later as a director.
Adeduntan’s professional expertise spans investment finance, commercial and investment banking, consulting, and audit.
He previously held senior management roles at KPMG, a prominent auditing and professional services firm, and served as the Senior Vice President and Chief Financial Officer at Citibank Nigeria Limited.
