First Bank Appoints Gbenga Shobo as New MD

First Bank of Nigeria Ltd., has announced the appointment of Mr Gbenga Shobo, currently the deputy Managing Director (DMD), as the Managing Director/Chief Executive Officer designate of the bank.

The bank’s Chairman, Mrs Ibukun Awosika, said this in a statement made available on Wednesday in Lagos. Awosika said the appointment was subject to all regulatory approvals.

She added that 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.

“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 said.

Awosika said the bank also appointed Mr Abdullahi Ibrahim as DMD.
According to her, Mr Ini Ebong, Mr Segun Alebiosu, Mr Seyi Oyefeso and Mrs Bashirat Odunewu were also appointed as executive directors.
She noted that these decisions were subject to all regulatory approvals.