The board of First Bank of Nigeria Limited on Wednesday approved the appointment of Mr. Gbenga Shobo as its Managing Director/CEO designate. Prior to his appointment, Shobo was the Deputy Managing Director of the bank.

The lender has also appointed Mr. Abdullahi Ibrahim, as its new Deputy Managing Director while Mr. Ini Ebong, Mr. Segun Alebiosu, Mr. Seyi Oyefeso and Mrs Bashirat Odunewu were named as Executive Directors.

Mr. Gbenga Shobo

A statement by the bank said Shobo succeeds Sola Adeduntan, who will be leaving the bank in accordance with the bank’s term limit for its Chief Executives, after successfully leading the bank since January 2016.  According to the bank, all the appointments which took effect from April 28, 2021 are subject to regulatory approvals.

While announcing the appointments, Mrs. Ibukun Awosika, Chairman, First Bank of Nigeria Limited said: “We are proud to announce Gbenga Shobo as our new MD/CEO. 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”

Gbenga has had a successful career in the Bank and elsewhere, culminating in his appointment as Deputy Managing Director (DMD) in 2016.

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.

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 First Bank 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.

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