The abrupt resignation of Dr Adesola Adeduntan as the Managing Director of First Bank could not be understood. However, there are strong indications that his sudden registration was triggered by directives from the Central Bank of Nigeria (CBN).
Adeduntan’s resignation sparked a frenzy that the front-runner financial institution managed by naming Olusegun Alebiosu as the new Managing Director, precisely one day after Adeduntan’s departure, to calm investor concerns and give the bank hope.
It was gathered that Adeduntan, who was supposed to retire in December 2024, was asked to step aside by the bank board following a directive from the CBN. The news of his resignation broke in Nigeria while he was still attending the World Bank/IMF Spring Meetings in Washington, D.C.
The former CEO abruptly informed the board of his desire to resign, effective April 20, eight months before his third term of three years ended, which he won as a reprieve by former CBN governor Godwin Emefiele.
Announcing his retirement, the MD said, “As you are aware, my contract expires on 31 December 2024. After that, I will no longer be eligible for employment within the bank. I have served as FirstBank’s Managing Director/Chief Executive Officer for a record nine years.
“During this period, the bank and its subsidiaries have undergone significant changes and broken new ground. 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 Plc 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.”
The board was said to have lost total confidence in his bank management and couldn’t be saved when the CBN directive came.
Different circumstances were said to influence the decision to ignore Adeduntan.
Papermacheonline reports that one of the allegations was linked to his lifestyle, which is said to be bad for the bank’s image.
Other allegations led to disagreement among the board, but the side that wanted Adeduntan out of the bank prevailed after presenting damning evidence.
There were also details of an unconfirmed celebration among the staffers when his resignation was announced.
The First Bank MD is said not to have a budding relationship with his associates, and there was also a question of ego.
