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Adesola Kazeem Adeduntan

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Adesola Kazeem Adeduntan
Group Managing Director/CEO, First Bank of Nigeria Limited
In office
January 2016 – April 2024
Preceded byBisi Onasanya
Succeeded byOlusegun Alebiosu
Director, Chief Financial Officer and Business Manager, Africa Finance Corporation
In office
November 2007 – June 2014
Senior Vice-President (General Manager) & Chief Financial Officer, Citibank Nigeria Limited
In office
September 2005 – October 2007
Senior Manager – Financial Services Industry, KPMG Professional Services
In office
June 2002 – October 2004
Personal details
Born
Adeduntan Kazeem Adesola

(1969-05-07) 7 May 1969 (age 55)
Ibadan, Oyo State, Nigeria
Children3
Alma materUniversity of Ibadan
Cranfield School of Management
ProfessionBanker
Accountant

Adesola Kazeem Adeduntan (born 7 May 1969) is a Nigerian business executive. He was the managing director and chief executive officer of First Bank of Nigeria Limited and Subsidiaries (comprising FBN UK, FBN Congo DR, FBN Ghana, FBN Senegal, FBN Guinea, FBN Gambia, FBN Sierra Leone, FBN Mortgages, and First Pension Custodian) a position to which he was appointed from his former role as group chief financial officer[1][2] and an executive director with the bank.[3][4] He began his career with Afribank Nigeria Plc. in 1994, after which he worked with KPMG Professional Services, Citibank Nigeria, and the Africa Finance Corporation (AFC) before joining FirstBank in July 2014.

Adesola, a member of the Bretton Woods Committee,[5] former member of the board of the Nigerian Economic Summit Group, is currently a non-executive director on the boards of the Nigeria Interbank Settlement System Ltd. (NIBSS), Africa Finance Corporation (AFC), FBN Bank U.K. Ltd., Universal Payments Plc., and Shared Agent Network Expansion Facilities Ltd. (SANEF).

Adesola is also a Fellow of the Institute of Chartered Accountants of Nigeria.

Early life

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Adesola Adeduntan was born in Ibadan, Oyo State.[6] Between 1975 and 1981, he attended Ibadan Municipal Government Primary School (IMG), Adeoyo N4 for his primary education. At the Urban Day Grammar School, Old Ife Road, Ibadan, where he had his secondary schooling, Adesola was the Deputy Senior Prefect in his final year (1985/86).

He was admitted to the University of Ibadan in 1986 to study Veterinary Medicine, qualifying in 1992 as a veterinary surgeon.

Career

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In 1994 Adesola joined Afribank (Nig) Plc. and was posted to the Ibadan Main Branch of the bank as a graduate trainee. He spent 18 months in this function, working in various areas of banking operations including cash management, clearing, credit risk management, and foreign operations.

Between September 1995 and May 2002 Adesola worked with Arthur Andersen Nigeria, rising to become manager in the firm's financial services industry business. In this role, he led and managed the statutory audit of a number of leading Nigerian banks. In August 2000, he served as an instructor at the Andersen World-Wide Induction training for new hires in Eindhoven, the Netherlands. He also served as the lead instructor for the Local Office Basic Accounting Training and Induction course in 1999.

While with Arthur Andersen, Adesola qualified as a chartered accountant in 2000.

Adesola was a senior manager, financial services industry in KPMG between June 2002 and October 2004, where he co-pioneered the firms’ financial risk management advisory services. A knowledge manager, he was also a KPMG-accredited Trainer and facilitated several internal training programmes.

Adesola left KPMG in 2004 to study for a Master's degree in Business Administration at the Cranfield School of Management, where he was a British Chevening Scholar. He graduated in September 2005.[7]

Adesola was a senior vice-president (general manager) and chief financial officer for Citibank Nigeria Limited, responsible for the bank's financial and product control functions, quality assurance and operational risk management. Having joined Citibank in September 2005, Adesola was to play important roles in the recapitalisation of the bank during the banking consolidation era. Adesola left Citibank in October 2007.

In November 2007, Adesola joined the Africa Finance Corporation, as the pioneer chief financial officer and business manager. In March 2014, he led the team that secured an A3/P2 investment grade international credit rating from Moody's Investors Service.[8] This made the Africa Finance Corporation the second highest-rated lending financial institution in Africa.

In July 2014, Adesola was appointed an executive director and group chief financial officer of FirstBank,[9][10][11][12] where he was responsible for the bank's financial control, internal control and enhancement, business performance management, treasury and procurement functions.

On Monday 4 January 2016 Adesola resumed work as managing director of First Bank of Nigeria Limited, and its commercial banking subsidiaries (FBN UK, FBN Ghana, FBN DRC, FBN Guinea, FBN Gambia, FBN Mortgages, and First Pension Custodian Limited). He succeeded Bisi Onasanya.[13]

On 7 December 2016 Adesola was awarded the Banker Of The Year 2016 by the Leadership (newspaper) "For refusing to 'go with the flow' even when the temptation was high and the reward substantial, and for reminding his colleagues that banking is nothing without integrity".[14]

In March 2020, Adesola was awarded the "African Banking Personality of the Year" 2019 at the eighth African Leadership Magazine Persons of the Year award dinner.[15]

On April 28, 2021, Adeduntan was removed as managing director and chief executive officer of First Bank of Nigeria by the bank's board of directors. However, he was reinstated by the Governor of Central Bank of Nigeria (CBN), on April 29, a day after he was removed by the board. In the same announcement reinstating Adeduntan, the CBN governor sacked the entire board of directors of FBN Holdings Plc and its subsidiary First Bank of Nigeria Ltd citing insider abuse, insider credit and breakdown of corporate governance as the reason.[16][17][18]

On April 21, 2024, First Bank of Nigeria announced Adesola Adedutan's resignation as its Managing Director/CEO.

Personal life

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Adesola Adeduntan is married with children.

References

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  1. ^ Adeduntan, Adesola. "First Bank's business model has repositioned it for growth". www.vanguardngr.com. Vanguard Newspapers. Retrieved 17 October 2015.
  2. ^ Adeduntan, Adesola. "Adeduntan, Kumapayi, others set for CFO awards". www.nigeria.shafaqna.com. Retrieved 17 October 2015.
  3. ^ Adeduntan, Adesola. "First Bank Appoints Adeduntan Executive Director, CFO". www.thisdaylive.com. ThisDay Newspaper. Archived from the original on 25 September 2015. Retrieved 25 September 2015.
  4. ^ Adeduntan, Adesola. "Company Overview of First Bank of Nigeria Ltd". www.bloomberg.com. Bloomberg Business. Retrieved 25 September 2015.
  5. ^ Adeduntan, Adesola. "The Bretton Woods Committee Personal Members". www.brettonwoods.org. The Bretton Woods Committee. Retrieved 15 October 2020.
  6. ^ Adeduntan, Adesola. "Profile of Nigerian Bank CEOs: Adesola Adeduntan of FirstBank in focus". Nigerian Banker. Nigerian Banker. Retrieved 19 February 2020.
  7. ^ Adeduntan, Adesola. "Directory of Chevening Alumni". www.cheveningalumni.org. Chevening - UK Government Scholarships. Archived from the original on 23 August 2015. Retrieved 25 September 2015.
  8. ^ Adeduntan, Adesola. "Q&A: AFC's Sola Adeduntan". www.emeafinance.com. emeafinance. Retrieved 25 September 2015.
  9. ^ Adeduntan, Adesola. "First Bank appoints chief financial officer". www.punchng.com. Punch Newspapers. Archived from the original on 1 July 2014. Retrieved 25 September 2015.
  10. ^ Adeduntan, Adesola. "First Bank's business model has repositioned it for growth". www.vanguardngr.com. Vanguard Newspaper. Retrieved 25 September 2015.
  11. ^ Adeduntan, Adesola. "First Bank Appoints Adeduntan Executive Director, CFO". www.thisdaylive.com. ThisDay Newspapers. Archived from the original on 25 September 2015. Retrieved 25 September 2015.
  12. ^ Adeduntan, Adesola. "FirstBank appoints Adeduntan Executive Director/CFO". www.thecitizenng.com. The Citizen Newspaper. Retrieved 25 September 2015.
  13. ^ Adeduntan, Adesola. "Adeduntan to succeed Onasanya as First Bank GMD". www.punchng.com. Punch Newspapers. Archived from the original on 20 September 2015. Retrieved 25 September 2015.
  14. ^ Adeduntan, Adesola. "Persons of the Year 2016". www.nigerianewspapers.com. Nigerianewspapers. Retrieved 17 December 2016.
  15. ^ "FirstBank CEO Bags Award". THISDAYLIVE. 2020-03-17. Retrieved 2020-03-17.
  16. ^ Press, N. M. (2021-04-29). "CBN sacks board of directors of FBN Holdings, First Bank, reinstates Dr. Sola Adeduntan". Nairametrics. Retrieved 2021-05-09.
  17. ^ "First Bank reacts to CBN's sacking of its board | Premium Times Nigeria". 2021-04-30. Retrieved 2021-05-09.
  18. ^ "CBN sacks First Bank, FBN Holdings directors, retains Adeduntan as MD". Vanguard News. 2021-04-30. Retrieved 2021-05-09.
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