First Bank of Nigeria Limited has appointed Gbenga Shobo as the new Managing Director and Chief Executive Officer.
The bank’s chairman, Ibukun Awosika, who announced the appointment in a statement on Wednesday, said it will take effect from April 28.
Shobo will succeed Sola Adeduntan who has led the bank since January 2016 and he’s leaving the bank in accordance with the term limit for chief executives.
Awosika in the statement 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.”
According to her, “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.
She therefore appreciated the outgoing CEO 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.”
Awosika stated that Shobo was appointed as the bank’s Deputy Managing Director (DMD) in 2016.
According to her, he also formerly served as executive director overseeing the retail banking/public sector businesses in the Lagos & West directorate.
He was hitherto the executive director overseeing the retail business in the South directorate.
She added that, “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 underbanked customers in Nigeria and across various countries where we operate through our African subsidiaries.”
The bank’s board also appointed Abdullahi Ibrahim as Deputy Managing Director.
Others appointed as Executive Directors were Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu.
The appointments were subject to all regulatory approvals.