First Bank of Nigeria appoints Mr Gbenga Shobo as the Managing Director/Chief Executive Officer

NIGERIAFirst Bank of Nigeria Limited has announced the appointment of Mr Gbenga Shobo, who is currently the Deputy Managing Director (DMD) of the bank, as the Managing Director/Chief Executive Officer designate.

The bank’s Chairman, Mrs Ibukun Awosika, said this in a statement that the appointment was subject to all regulatory approvals, including the Central Bank of Nigeria (CBN), which granted the lender its operational licence.

She added that Mr Shobo succeeds Dr Sola Adeduntan, who would be leaving the bank in accordance with its term limit for chief executives, after successfully leading the institution since January 2016.

“These decisions will take effect from today, April 28, 2021. We are proud to announce Gbenga Shobo as our new Managing Director/Chief Executive Officer,” she said.

“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 Shobo has the experience and the understanding of the bank and the know-how to lead the bank through this next phase of growth.”

Mrs Ibukun Awosika – Chairman, First Bank of Nigeria

Shobo has had a successful career in the bank and elsewhere, culminating in his appointment as the deputy managing director, in 2016 prior to his appointment as DMD.

“The board is confident that Shobo has the experience and the understanding of the bank and the know-how to lead the bank through this next phase of growth, which is focused on positioning FirstBank as the preeminent bank in our chosen market, delivering value to our stakeholders,” Mrs Awosika said.

He also formerly served as executive director overseeing the retail banking/public sector businesses in the Lagos & West directorate and was hitherto the executive director overseeing the retail business in the South directorate.

“As part of his responsibility for retail banking, he has been instrumental in developing and growing the bank’s agency banking business, which today, is the market leader in agency banking, leveraging partnerships and best-in-class technology and bringing banking services to millions of unbanked and underbanked customers in Nigeria and across various countries where we operate through our African subsidiaries,” she added.

A chartered accountant, Shobo commenced his career in 1986 with Coopers & Lybrand (now known as PricewaterhouseCoopers), later venturing into banking when he joined Victory Merchant Bank.

He was a general manager, corporate/commercial banking at FBN Merchant Bank Limited from 2004 to 2005.

Since joining FirstBank in 2006, Shobo has held positions including group head (national corporates), executive vice president (retail south) and executive director (Lagos & West).

He was also a non-executive director and chairman of FBN General Insurance Limited.

The bank’s board also appointed Abdullahi Ibrahim as deputy managing director while Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu were appointed as executive directors.

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