Fresh facts emerge on why Adeduntan resigned as First Bank MD

It’s no longer news that astute banker, Dr Adesola Adeduntan has resigned his position as the Managing Director of First Bank.

It has also become a stale gist that the front-runner financial institution has since named Olusegun Alebiosu as his replacement.

In fact, the announcement came a day after Adeduntan tendered his resignation.

What has remained a major topic of discussion in some quarters, however, is the strange circumstances surrounding Adeduntan’s resignation.

A report monitored on Reportersatlarge suggested that “Adeduntan abruptly informed the board of his desire to resign, effective from April 20, eight full months before his third term of three years end, which he won as a reprieve by former CBN governor Godwin Emefiele.”

According to the report, Adeduntan’s sudden resignation couldn’t be understood but it may not be unconnected to a directive from the Central Bank of Nigeria (CBN) according to the report.

Adeduntan who was supposed to retire in December 2024, the report said, was asked to step aside by the bank board as a result of the said directive from CBN.

More shocking of the whole scenario was the fact that news of Adeduntan’s resignation broke in Nigeria while he was still attending the World Bank/IMF Spring Meetings in Washington DC.

Findings by TrendscopeNews also revealed that Adeduntan’s replacement had to be named the manner it was done by the leading financial institution so as to calm investors’ concerns and give the bank hope.

Adeduntan in his parting words said: “As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years.

“During this period the Bank and its subsidiaries have undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.

“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.

“I am eternally grateful to the board of directors of FirstBank and FBN Holdings Pic for the support I received from them during my stewardship. I wish our iconic institution continued success and progress as we move into its next evolution phase.”

It was reported that the board had completely lost faith in the way Adeduntan was running the bank, and that when the CBN’s directive came, he was unsalvageable.

The board allegedly left Adeduntan to his fate due to various factors.

One of the accusations, according to the report, has to do with his lifestyle, which is allegedly not very beneficial for the bank’s reputation.

Other accusations caused the board to differ, but after putting out strong evidence, the side seeking Adeduntan’s removal from the bank won.

Additionally, there were rumors of an unofficial celebration among the employees upon the announcement of his resignation.

There were rumors that the First Bank MD didn’t have a good rapport with his colleagues and that there was an ego issue.

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