First Bank has announced the appointment of Mr Gbenga Shobo as its new Managing Director/Chief Executive Officer.

The Board of First Bank of Nigeria approved Shobo's appointment at a meeting today, April 28.

Mr Shobo, who is the current Deputy Managing Director, succeeds Sola Adeduntan, who will be leaving the bank in accordance with the bank’s term limit for its Chief Executives.

According to the bank, the decision is subject to all regulatory approvals.

Announcing the appointments, Mrs. Ibukun Awosika, Chairman, First Bank of Nigeria Limited 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

"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 and was hitherto the Executive Director overseeing the Retail Business in the South 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 African Subsidiaries.

"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.

"I would like to thank Sola 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. We wish him well in his future endeavors outside the FirstBank Group."