Adeduntan to succeed Onasanya at First Bank

first bank

FBN Holdings Plc yesterday announced the appointments of Dr. Adesola Adeduntan and Mrs. Ibukun Awosika as Managing Directordesignate and Chairman respectively of its subsidiary, First Bank of Nigeria Limited.

The group said in a statement that the appointments were part of major changes to its leadership team which had been ratified by the board of directors.

The appointments, subject to all necessary regulatory approvals, will take effect from January 1, 2016. While Adeduntan, the current Executive Director/ CFO, succeeds outgoing CEO Mr. Bisi Onasanya, Awosika will replace Prince Ajibola Afonja, who is also retiring.

According to the statement, the pioneer Group Chief Executive Officer, FBN Holdings, Mr. Bello Maccido, is leaving his position to become pioneer Chairman of the newlylicenced FBN Merchant Bank Ltd, while Mr. UK Eke, currently Executive Director, South, First Bank of Nigeria Ltd. replaces him as Group Managing Director-designate, FBN Holdings Plc.

The bank said the changes followed a rigorous selection process driven by the board and supported by Heidrick & Struggle, the internationally renowned executive search firm.

Also as part of the changes, Mr. Gbenga Shobo, the current Executive Director, Lagos & West, emerged Deputy Managing Director-designate.

The incoming Group Managing Director has over 30 years’ post experience in financial services, auditing, consulting, taxation, process engineering and capital market operations. He has garnered diverse expertise in Treasury & Financial Management, Risk Management, Accounting, Corporate Governance and Strategy Development, Advisory and Compliance. On his part, Shobo has a banking career spanning over 25 years with experience in corporate banking, institutional banking, commercial banking, retail banking and treasury.

In announcing the appointments, Mr. Oba Otudeko, Group Chairman, FBN Holdings, said: “Following an exhaustive and competitive process, we are proud to announce these appointments. In reaching these decisions we are mindful of the imperatives for a more efficient group structure that will benefit the group’s need to deploy systems which deepen efficiency while expanding revenue and returns on investment. We are confident that we have made the right choices in these appointees. In selecting our MD and DMD we were particularly mindful to identify outstanding and topnotch professionals with complementary and mutually reinforcing skill set.

“These appointments are a testament to the strength of our succession planning mechanisms and the calibre of candidates it produces. It also re-articulates our commitment to put our customers first with the confidence in the value that this new leadership team brings to bear on behalf of the Group, customers and employees, even as we strive to return greater value to shareholders,” he said.

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