FirstBank Appoints Gbenga Shobo As New MD/CEO As Adeduntan Retires


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FirstBank of Nigeria Limited has appointed Francis Gbenga Shobo as its managing director/chief executive officer effective from April 28.

First Bank appoints Gbenga Shobo as new MD/CEO | Nairametrics

Until the appointment, Shobo was the bank’s Deputy Managing Director. Shobo succeeds Mr. Adesola Adeduntan, who will be leaving the financial institution in accordance with its term limits for Chief Executives, after leading the bank since January 2016.

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The appointment was disclosed in a statement made by the bank’s Chairman, Ibukun Awosika on Wednesday, April 28, 2021. According to a statement, the appointment is subject to regulatory approval.

Also appointed 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 of FirstBank.

Similarly, their appointments are also subject to regulatory approvals.

In her statement, 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. 

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 pre-eminent bank in our chosen markets, delivering value to our stakeholders.

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 a half years and believe that the strong foundations created during his term will provide an excellent basis for our continued success.”

The statement explained that Shobo has had a successful career in the bank and elsewhere, culminating in his appointment as Deputy Managing Director. In 2016, prior to his appointment as Deputy Managing Director, 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.

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