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Sola Adeduntan, FirstBank MD/CEO resigns months before tenure expiration

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FirstBank’s Managing Director / Chief Executive Officer, Mr. Sola Adeduntan has resigned his appointment with the bank, eight months well ahead of the completion of his term as the managing director of the financial giant.

According to his resignation letter, he will cease to be the MD effective Saturday, April 20, 2024.

The letter read: “As you are aware, my contract would be expiring on 31 December, 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 has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa. I have however decided to proceed on retirement with effect from 20 April, 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 continue success and progress as we move into the next phase of its evolution. Warm regards.”

FirstBank is the flagship subsidiary of FBN Holdings which abruptly announced the cancellation of an extraordinary general meeting on Saturday morning after Adeduntan resigned.

The meeting had been earlier “scheduled to be held virtually on Tuesday, April 30, 2024, at 10 am for the consideration and authorisation of the company to undertake a capital raise of up to N300,000,000,000,” FBN Holdings said in its notification to the Nigerian Exchange.

Adeduntan joined FirstBank in 2014, first as a chief financial officer and as an executive director.

The bank chief, who was retired in 2021 by the then board of the financial institution headed by Ibukun Awosika, was reinstated a few days after by the Central Bank of Nigeria and the board sacked.

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