First Bank appoints Shobo as new MD/CEO as Adeduntan takes a bow

The Board of Directors of First Bank of Nigeria Limited has announced the appointment of Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO). The appointment was disclosed in a statement made by the bank’s Chairman, Ibukun Awosika on Wednesday, April 28, 2021.

Shobo will succeed Sola Adeduntan, who will be leaving the bank in accordance with the term limit for chief executives, after leading the bank since January 2016.

In her statement, 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 underpin the institution’s enduring sustainability and 127-year legacy. 

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.

I would like to thank Sola for his dedication and efforts during his helm at the Bank, and before as CFO. The board and I are grateful for his leadership of the bank over the last 5 and a half years and believe that the strong foundations created during his term will provide an excellent basis for our continued success.”

Shobo has over 30 years’ work experience from reputable organizations out of which he has garnered more than 26 years in the Banking Industry in Credit & Relationship Management; Products Development & Improvement; Treasury; Product Sales and Banking Operations, amongst others.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of Kellogg School of Management and Harvard Business School.

Shobo was appointed as the bank’s Deputy Managing Director (DMD) in 2016.

He also formerly served as executive director overseeing the retail banking/public sector businesses in the Lagos and West directorate and was hitherto the Executive Director overseeing the retail business in the South directorate. 

Shobo’s appointment, according to the statement from the lender, is subject to regulatory approval.