The appointment of Mr Gbenga Shobo, as the new Managing Director of First Bank Plc has been announced.
Until his appointment, Shobo was the Deputy Managing Director of the bank and will be taking over from Mr Sola Adeduntan, whose tenure has expired.
Adeduntan 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.
Making the announcement at the board meeting on Wednesday, the Chairman of First Bank of Nigeria Ltd, 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 our long-standing corporate governance practices which underpin the institution’s enduring sustainability and 127-year legacy.
“Gbenga 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 the Executive Director overseeing the Retail Banking/Public Sector businesses in the Lagos & West Directorate and was hitherto the Executive Director overseeing the Retail Business in the South Directorate.
“As part of his responsibility for 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 under-banked customers in Nigeria and across various countries where we operate through our African Subsidiaries.’’
Awosika expressed the board’s confidence in Shobo’s wealth of experience and understanding of the bank and the know-how to lead the bank through this next phase of growth.
“The next phase of growth is focused on positioning First Bank as the pre-eminent bank in our chosen markets, delivering value to our stakeholders.”