First Bank Appoints New MD

First Bank of Nigeria Limited has appointed Mr Gbenga Shobo as the Managing Director/Chief Executive Officer of the bank.
Until his appointment, Shobo was the First Bank Deputy Managing Director.

First Bank of Nigeria Limited has appointed Mr Gbenga Shobo as the Managing Director/Chief Executive Officer of the bank.

The bank’s Chairman, Mrs Ibukun Awosika, made the disclosure in a statement on Wednesday.

Until his appointment, Shobo was the First Bank Deputy Managing Director.

According to the statement, 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.

The statement read, “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.

“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 further stated that the bank has also appointed Mr Abdullahi Ibrahim as DMD, adding that Mr Ini Ebong, Mr Segun Alebiosu, Mr Seyi Oyefeso and Mrs Bashirat Odunewu were also appointed as executive directors.

The bank’s chairman noted that the decisions were subject to all regulatory approvals.