May 12, 2021

First Bank Appoints Shobo As New Managing Director

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The Board of First Bank of Nigeria Limited at its meeting today, announced the appointment of Mr. 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 in accordance with the bank’s term of office for its Chief Executives, after successfully leading the bank since January 2016.

According to ABS News, the decision will take effect from today 28th April, 2021.
In announcing the appointment, Mrs. Ibukun Awosika, Chairman, First Bank of Nigeria Limited explained:
“We are proud to announce Gbenga Shobo as our new MD/CEO, His appointment has proven the resilience of our succession planning mechanism 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 partnership 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 preeminent bank in our chosen markets, delivering value to our stakeholders.
Also appointed today is Abdullahi Ibrahim as Deputy Managing Director, while Mr. Ini Ebong, Mr. Segun Alebiosu, Mr. 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 efforts during his helm at the Bank, and before as CEO.
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 an excellent basis for our continued success.

We wish him well in his future endeavors outside the FirstBank Group”.

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