FirstBank Honours Retired GMD Adeduntan with Grand Farewell Ceremony

Adeduntan praised for transformative leadership spanning nine years.
Former GMD credited with FirstBank’s historic digital and financial growth.

First Bank of Nigeria celebrated its retiring Group Managing Director (GMD), Dr. Adesola Kazeem Adeduntan, in a grand farewell ceremony on November 2, 2024, at Harbour Point, Victoria Island, Lagos. The event marked the end of his transformative nine-year tenure, with tributes pouring in from across Nigeria’s financial and political landscape.

The ceremony brought together a distinguished audience, including governors, senators, industry leaders, academics, and banking executives. Adeduntan, accompanied by his family, warmly received guests as they arrived to honour his remarkable contributions to Nigeria’s oldest bank.

Tributes to a Visionary Leader

Speakers at the event highlighted Adeduntan’s achievements, describing him as “visionary,” “exceptional,” and “transformational.” His successor, Olusegun Alebiosu, praised him for leading FirstBank through significant growth and innovation, while former Lagos State Governor Babajide Sanwo-Olu called him “a gift to Nigeria.”

Adeduntan’s tenure, which began in 2015, was credited with rescuing FirstBank from financial instability and steering it toward unprecedented success. Under his leadership, the bank:

Grew customer accounts from 10.9 million to 42 million.
Boosted profit before tax from ₦10 billion to ₦317 billion.
Reduced non-performing loans from 35% to less than 5%.
Expanded digital banking customers from 0.6 million to 23.2 million.
Built “Firstmonie” into Sub-Saharan Africa’s largest bank-led agency banking network, with over 250,000 agents.

Adeduntan also oversaw the rebranding of the bank’s foreign subsidiaries to “FirstBank,” enhancing its global market presence.

Endorsements and Recognition

Prominent figures, including President Bola Ahmed Tinubu, commended Adeduntan’s exceptional service. Tinubu described him as a leader who “steered FirstBank through transformative growth and left a legacy of excellence.”

Alhaji Ahmad Abdullahi, former Director of Banking Supervision at the Central Bank of Nigeria, recalled how Adeduntan was instrumental in restoring FirstBank’s stability during a challenging period.

Legacy of Excellence

Adeduntan, a University of Ibadan-trained veterinarian with an MBA from Cranfield University, is widely regarded as a trailblazer in Nigeria’s financial sector. A recipient of numerous accolades, including an honorary Doctor of Science degree, he is celebrated for his philosophy that “strategy without execution is hallucination.”

A New Chapter Begins

At just 55, Adeduntan is poised for new ventures in the larger economic space. In his farewell address, he expressed pride in leading FirstBank’s transformation from “brick and mortar to a digital giant” and urged his former colleagues to continue striving toward making the bank “Africa’s Bank of First Choice.”

The evening’s glamour, tributes, and camaraderie underscored Adeduntan’s enduring legacy as one of the most impactful leaders in Nigeria’s banking history.

Facebook Comments Box