First Bank’s Board of Directors has approved the appointment of Gbenga Shobo as the bank’s new Managing Director/Chief Executive Officer (CEO), effective Wednesday.
This appointment, according to a statement from the bank, is subject to regulatory approval.
Before his appointment, Shobo was the bank’s Deputy Managing Director; he succeeds Adesola Adeduntan, who will be leaving the financial institution in accordance with its term limits for chief executives, after leading the bank since January 2016.
Also appointed was 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.
Speaking on the appointment, the Chairman, First Bank, 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.
“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 First Bank Group.”