JUST IN: Adesola Adeduntan steps down as First Bank MD

Dr Adesola Adeduntan has stepped down from his role as Managing Director of First Bank of Nigeria Limited.

A top banking official with knowledge of the development who preferred not to be named disclosed this on Friday.

The move comes in the wake of the emergence of Femi Otedola as the chairman of FBN Holdings, the parent company of the institution.

Otedola, chairman of Geregu Power Plc, who became a non-executive director of FBN Holdings on 14 August 2023 months after he acquired a substantial stake in First Bank, emerged chairman in January 2024.

Mr Otedola succeeded Ahmad Abdullahi who was appointed chair of the Holdco on 17 December 2021.

Itedola is the financial institution’s biggest and only substantial shareholder, holding a 5.6 per cent stake.

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