The abrupt resignation of Dr Adesola Adeduntan as the Managing Director of First Bank could not be understood. But 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 as a result of 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 DC.
The former CEO 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.
Announcing his retirement, the MD 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 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 the manner he was running the bank and he couldn’t be saved when the directive came from CBN.
The decision to pull the rug under Adeduntan’s feet was said to be hinged on different circumstances.
Papermacheonline reports that one of the allegations was linked to his lifestyle which is said not to be too good for the bank’s image.
There were other allegations which led to disagreement among the board, but the side who wanted Adeduntan out of the bank prevailed after presenting damning evidences.
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.
