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Change of baton at First Bank as Shobo takes over as new CEO

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First Bank of Nigeria has appointed its deputy managing director Gbenga Shobo, as its new Managing Director/Chief Executive Officer designate.

Shobo would be taking over from Sola Adeduntan who is leaving the bank after reaching his term limit.

A statement by the bank’s Chairman, Ibukun Awosika said Shobo’s appointment was subject to all regulatory approvals.

Adeduntan exited the bank in accordance with its term limit for chief executives, after successfully leading the institution since January 2016.

“These decisions will take effect from today, April 28, 2021. We are proud to announce Gbenga Shobo as our new Managing Director/Chief Executive Officer.

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“His appointment has proven our 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.

“Shobo 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.

“The 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,” Awosika said.

Awosika said the bank also appointed Abdullahi Ibrahim as the new deputy managing director.

According to her, Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu were also appointed as executive directors.

She noted that these decisions were subject to all regulatory approvals.

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