Mr. Gbenga Shobo has been appointed as the Managing Director/Chief Executive Officer (CEO), of First Bank effective Wednesday.
The appointment of Mr. Gbenga Shobo was based on the approval of the Board of Directors of First Bank in line with regulatory approval.
Mr. Shobo prior to his recent appointment was the bank’s Deputy Managing Director.
Mr Adesola Adeduntan, the former MD of the bank will be bowing out in accordance with the financial institutions term limits for Chief Executives.
It will be recalled that Mr. Adeduntan steered the helm of affairs of the bank since January 2016.
The Board in line with regulatory approvals also appointed Abdullahi Ibrahim as Deputy Managing Director, while Mr Ini Ebong, Mr Segun Alebiosu, Mr Seyi Oyefeso and Mrs Bashirat Odunewu, were also appointed as Executive Directors.
Commenting on the appointment, the Chairman, First Bank, Mrs Ibukun Awosika said: “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 127-year legacy.
The Chairman added ” 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.”