First Bank appoints Shobo as MD/CEO

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Mr Gbenga Shobo, has been named as new managing director and chief executive officer of First Bank of Nigeria Limited with effect from April 28.

First Bank’s chairperson, Ibukun Awosika, announced his appointment in a statement on Wednesday.

Shobo will succeed Dr Sola Adeduntan, who will be leaving the bank in accordance with the term limit for chief executives, after leading the bank since January 2016.

“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,” Awosika said.

“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.”

Shobo was appointed as the bank’s deputy managing director (DMD) in 2016.

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