Sanwo-Olu, Others Commend Adesola Adeduntan’s Legacy as He Exits First Bank

Dapo Abiodun, the governor of Ogun State has described the distinguished banking career of Dr Adesola Adeduntan, a former Group Managing Director of First Bank Nigeria Limited as a testament to his unwavering dedication to integrity and his commitment to excellence in the financial sector.

Abiodun made the remark during the send-forth party organised in honour of Adeduntan by the staff and management of First Bank of Nigeria Limited.

The ceremony which took place on November 2, 2024, at Harbour Point, Victoria Island, Lagos was in celebration of Adeduntan’s remarkable leadership and legacy.

“Under Adeduntan’s leadership, First Bank thrived, setting new benchmarks in banking innovation, customer service and corporate responsibility,” Abiodun said.

“Through his forward-thinking approach, he has helped shape the future of Nigeria’s banking sector. For emerging leaders, he has set a powerful example that true leadership is not only about achieving success but also about creating pathways for others to follow. I thank you for the consistent support you gave Ogun State under my watch that resulted in some people-oriented landmark projects,” he added.

Several eminent personalities across all sectors of the economy were on hand to honour Adeduntan.

Speaker after speaker spoke about how his glorious exit from the first-tier bank marked a remarkable chapter in the annals of Nigeria’s banking history.

Also paying glowing tributes to Adeduntan was Lagos State governor, Babajide Sanwo-Olu who described Adeduntan as the best in a class of what a proper Nigerian should be. He thanked Adeduntan for providing tremendous support to Lagos State while he was at the helm of affairs at First Bank.

“There were several times you spoke to me personally to ask what the state’s requirements are and how well I felt the bank was meeting my expectations. You also took up personally, whatever issues we have as a state and dealt with them. I cherish those times and indeed, you were one of the finest, the best that came out of First Bank,” he added.

The Emir of Kano, Sanusi Lamido Sanusi, a former MD/CEO of First Bank himself and the first northern Nigerian to head the bank, in his eulogy, regaled guests about how Adeduntan transformed the bank to regain its first-tier status.

“Having been out of the industry for a while, I took the liberty of asking for some numbers from the bank just to give you an idea of the work Shola did through most of his reign between 2015 and 2023. Group deposits increased from N2.9 trillion to N13.1 trillion.

“Total assets from N4 trillion to N20.7 trillion. Profit before tax from N10.2 billion to N317 billion. Return on equity from 0.6 per cent to 45.5 per cent in Q1 2024. The number of customers accounts from 10.9 million to 42 million. Issued cards from 7 million to 12.7 million. Online users from 100,000 to 7.8 million. USSD users from 500,000 to 15.4 million. And so on.”

In his eulogy to Adeduntan, Alhaji Ahmad Abdullahi, a former director of Banking Supervision, CBN as well as a former chairman of First Bank Holdings PLC revealed that First Bank of Nigeria was at a tipping point between 2015/2016 when Adeduntan was appointed the Group CEO.

“He had a clear-cut assignment from CBN which was to move back the institution from the brink to a position of stability, improve its financial performance and improve its credit rating. I remember sitting down with Shola and the CBN governor at that time to map out a workout plan for First Bank. The question is, did he succeed? The fact that today, we are celebrating under the banner of First Bank is a testimony to the excellent work that Shola has done, moving the institution from the brink, from precipice to a position of relative stability.”

Some of the eminent personalities who graced Adeduntan’s send-forth included Chairman United Bank for Africa, Tony Elumelu; immediate past CEO of Fidelity Bank Nigeria and the outgoing GMD of FBN HoldCo, Nnamdi Okonkwo; Senator Daisy Danjuma; businesswoman, Bola Shagaya; Mogaji Wole Arisekola, publisher of The Street Journal and Chairman of the Association of Online Media Practitioners of Nigeria; Oloye Mustapha Adebayo Oyero, Chairman of Ibadan Elders Council; Abayomi Alli, Manufacturing Director Unilever Nigeria Plc; Florence Ajimobi, Oyo State former First Lady etc.

Adeduntan’s remarkable nine-year tenure in the 130-year-old bank has been undoubtedly, exceptional. His extensive expertise in the financial sector significantly bolstered Nigeria’s economic landscape. He announced his resignation with immediate effect in April, eight months before the expiration of his tenure on December 31, 2024. He has since been replaced with the current CEO, Olusegun Alebiosu.