Aduragbemi Omiyale
By Aduragbemi Omiyale
Mr Adesola Adeduntan has resigned as the Managing Director of First Bank Nigeria Limited, the flagship banking arm of FBN Holdings Plc.
He resigned from the financial institution to “pursue other interests” on Saturday, April 20, 2024, and the company could not hold its anticipated Extraordinary General Meeting (EGM).
“I have, however, decided to proceed on retirement with effect from April 20, 2024, to pursue other interests,” the veterinary doctor turned banker said in his resignation letter.
Mr Adeduntan joined First Bank in 2014 as its Chief Financial Officer (CFO) and as an executive director and was due to retire in December 2024.
The banker studied veterinary medicine at the University of Ibadan (UI), graduating in 1992, and later obtained an MBA from the same institution.
Recall that in 2021, Mr Adeduntan was in the midst of boardroom politics, which resulted in his sacking by First Bank.
This was when Ms Ibukun Awosika was the chairman of First Bank and Mr Oba Otudeko was the chairman of FBN Holdings.
However, he was returned to the position shortly after by the Central Bank of Nigeria (CBN) under the embattled former governor Godwin Emefiele, who removed Ms Awosika and Mr Otudeko.
The banking sector watchdog said the dismissal of Mr Adeduntan was in breach of corporate governance and fired Ms Awosika and Mr Otudeko for the misconduct.
FBN Holdings had planned an EGM for Tuesday, April 30, 2024, to secure approval to source N300 billion from the capital market, but this meeting has now been cancelled.
