First Bank appoints Gbenga Shobo as new MD/CEO


The Board of First Bank of Nigeria Limited has approved the appointment of Gbenga Shobo, currently Deputy Managing Director, as the Managing Director/CEO designate of the bank.

This decision is subject to all regulatory approvals. Gbenga succeeds Sola Adeduntan, who will be leaving the bank accordance with the bank’s term limit for its Chief Executives, after successful leading the bank since January 2016. These decisions will take effect from today, 28th April 2021.

In announcing the appointment, Mrs Ibukun Awosika, Chairman, FirstBank of Nigeria limited explained: “We are proud to announce Gbenga Shobo as our new MD/CEO. His appointment as Deputy proven the resilience of our succession planning mechanisms and the value we place on our long-stand corporate governance practices, which underpin the institution’s enduring sustainability and 127-year legacy.

Gbenga has had a successful career in the bank and elsewhere, culminating in his appointment as Deputy Managing Director (DMD), in 2016 prior to his appointment as DMD, he was the Executive Director overseeing the Retail Banking/Public Sector businesses in the Lagos & West Directorate.

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 Africa subsidiaries.

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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 FirstBank as the preeminent bank in our chosen markets, delivering value to our stakeholders.

Also appointed today is Abdullahi Ibrahim as Deputy Managing Director, while Inu Ebong, Segun Alebiosu, Seyi Oyefeso and Mrs Bashirat Odunewu are also appointed as Executive Directors. These decisions are subject to all regulatory approvals.

‘I would like to Thank Sola for his dedication and effort 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 half years and believe that the strong foundations created during his term will provide and excellent basis for our continued success. We wish him well in his future endeavors outside the FirstBank Group.”