It is no news that Dr. Adesola Adeduntan has resigned his position as the managing director of 130-year-old First Bank of Nigeria Limited.
Adeduntan resigned his appointment with the front-line bank eight months before the expiration of his tenure.
However, Techeconomy gathered from the supposed letter written to Mr. Tunde Hassan-Odukale, the chairman of First Bank, the reasons for his resignation.
The letter titled, reads ‘Notice of Retirement,’ the bank CEO whose tenure ought to elapse on December 31, 2024, voluntarily decided to step down.
He would commence his retirement leave with immediate effect.
“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 First Bank 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 First Bank 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.”
Recall that the bank’s chief who was retired in 2021, by the then board of the financial institution, was reinstated few days after by the Central Bank of Nigeria.
Since his appointment as MD/CEO, Adeduntan has contributed significantly towards the transformation of the financial institution and made it attractive to every strata of the society. From an institution that used to be perceived as an old-generation bank, First Bank’s perception has improved significantly.
A peep into Adedutan’s career in banking and finance spanning more than three decades earned him various recognitions and awards.
He holds a Doctor of Science, Honoris Causa and an MBA from Cranfield University, United Kingdom which he attended as a Chevening Scholar, and a Doctor of Veterinary Medicine (DVM) awarded by the University of Ibadan.
He has attended various executive and leadership programmes at Harvard Business School (USA), Wharton School (USA), London Business School (UK), IESE (Spain), University of Oxford (UK), University of Cambridge (UK), CEIBS (China) and INSEAD (France).
He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).
