By Adedapo Adesanya First Bank of Nigeria Limited has announced the appointment of Mr Gbenga Shobo, who is currently the Deputy Managing Director (DMD) of the bank, as the Managing Director\/Chief Executive Officer designate. The bank\u2019s Chairman, Mrs Ibukun Awosika, said this in a statement on Wednesday in Lagos. Mrs Awosika said the appointment was subject to all regulatory approvals., including the Central Bank of Nigeria (CBN), which granted the lender its operational licence. She added that Mr Shobo succeeds Dr Sola Adeduntan, who would be leaving the bank in accordance with its term limit for chief executives, after successfully leading the institution since January 2016. \u201cThese decisions will take effect from today, April 28, 2021. We are proud to announce Gbenga Shobo as our new Managing Director\/Chief Executive Officer. \u201cHis 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\u2019s enduring sustainability and 127-year legacy. \u201cShobo has had a successful career in the bank and elsewhere, culminating in his appointment as the deputy managing director, in 2016 prior to his appointment as DMD. \u201cThe board is confident that Shobo has the experience and the understanding of the bank and the know-how to lead the bank through this next phase of growth, which is focused on positioning FirstBank as the preeminent bank in our chosen market, delivering value to our stakeholders,\u201d Mrs Awosika said. Mrs Awosika said the bank also appointed Mr Abdullahi Ibrahim as the DMD. According to her, Mr Ini Ebong, Mr Segun Alebiosu, Mr Seyi Oyefeso and Mrs Bashirat Odunewu were also appointed as executive directors.