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BREAKING: First Bank Appoints New MD, Gbenga Shobo

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Gbenga Shobo has been announced by the board of First Bank Nigeria Limited as the new Managing Director/CEO, E-nigeria! Can report.

Gbenga Shobo who will be deputized by Mr. Abdullahi Ibrahim, until his new appointment was First Banks’s Deputy Managing Director – DMD.

Shobo is described as a consummate banker who played a key role in assisting the outgoing MD, Sola Adeduntan to record huge success in the bank during his tenure.

Announcing the appointments, Mrs. Ibukun Awosika, Chairman, First Bank of Nigeria Limited 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.

Continuing, Awoshika said that, “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 businesses in the Lagos & West Directorate and was hitherto the Executive Director overseeing the Retail Business in the South Directorate.

“As part of his responsibility 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.

“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. We wish him well in his future endeavors outside the FirstBank Group.

Sola Adeduntan has been sailing Firstbank’s ship since January 2016 after succeeding Bisi Onasanya.

Following the Central Bank’s directive that bank Chiefs can serve a tenure of only five years which is renewable following the board’s decision, Adeduntan’s first tenure is expected to end in December 2021, however, there are strong indications that due to the underlying crisis in the board of Firstbank, he may not get a second term nod….More details on this soon.

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