First Bank: Gbenga Shobo Appoints as New MD/CEO

The Board of Directors of First Bank of Nigeria Limited has appointed Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO).

The appointment was disclosed in a statement made by the bank's Chairman, Ibukun Awosika on Wednesday, April 28, 2021.

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

What they are saying

In her statement, Awosika said; " 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.

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."

What you should know about Gbenga Shobo
Shobo's appointment, according to the statement from the lender, is subject to regulatory approval.

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions. This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group. His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead. He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group's Africa Regions portfolio in terms of capacity, market share and contribution to the group's headline earnings.

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