Updated: First Bank names Shobo new CEO

The Board of First Bank of Nigeria Limited, on Wednesday, announced Mr. Gbenga Shobo as the Managing Director/CEO Designate. The decision is subject to all regulatory approvals.

Mr. Gbenga Shobo, currently the Deputy Managing Director, succeeds Sola Adeduntan, who will be leaving the bank in accordance with the bank’s term limit for its chief executives, after successfully leading the bank since January 2016.

In making public the change, after its meeting, the Board of Directors of the Bank said the decisions will take effect from Wednesday, April 28, 2021.

Speaking on the appointment, chairman First Bank Nigeria Limited, Mrs. 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 long-standing corporate governance practices, which underpin the institution’s enduring sustainability and 127-year legacy.”

“Mr. Gbenga Sobo 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 Executive Director overseeing the Retail Banking/ Public Sector businesses in Lagos and West Directorate and was hitherto Executive Director overseeing the Retail Business in the South Directorate.

“As part of his responsibility in 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 preeminent bank in our chosen markets, delivering value to our stakeholders.

Also appointed on Wednesday 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. These decisions are subject to all regulatory approvals, the bank added.

Commending Sola Adeduntan, the outgoing MD/CEO of the bank, Mrs. Awosika said: “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 half years and I believe that the strong foundations created during his term will provide an excellent basis for our continued success. We wish him well in his endeavours outside the FirstBank Group”.