REVEALED: Why Sola Adeduntan First Bank CEO Suddenly Resigned


New details have surfaced surrounding the unexpected resignation of Sola Adeduntan, the former Managing Director and CEO of Nigeria’s oldest bank, First Bank.

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The announcement came while Adeduntan was attending the World Bank/IMF spring meetings in Washington, adding a layer of intrigue to the unfolding situation.

Sources reveal that Adeduntan notified the board of his decision to leave eight months before the expiration of his controversial third term, which he secured under unusual circumstances.

The move raised questions about unresolved regulatory issues, strained relationships, and matters of ego within the bank.

Initially, the central bank had targeted the entire board of First Bank, but later scaled back its action upon realizing that the current board was appointed by the regulator itself. Adeduntan’s departure coincided with the cancellation of an extraordinary general meeting scheduled to approve plans for a capital raise, further fueling speculation about the bank’s internal dynamics.

Before his resignation, there were expectations that Adeduntan would transition to the position of Managing Director at the HoldCo level. However, regulatory constraints and a two-year “cooling-off period” between directorship tenures in Nigerian banks may have hindered this plan.

Despite a meeting of core directors held recently, clarity on Adeduntan’s departure remains elusive. His decision to retire comes amid First Bank’s tradition of limiting Managing Directors to two terms of three years each, making him the first CEO to serve three full terms.

In his resignation letter, Adeduntan acknowledged the significant transformations and achievements during his nine-year tenure at First Bank and its subsidiaries. He expressed gratitude to the board and FBN Holdings for their support.

Adeduntan’s tenure at First Bank began in 2016, following his service as the bank’s executive director and chief financial officer. His extensive experience includes roles at Africa Finance Corporation, Citibank Nigeria Limited, KPMG Professional Services, and Arthur Andersen Nigeria.

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