Board room crisis behind Adeduntan sudden resignation as First Bank Managing Director 8 months to tenure expiration
Facts have emerged that the real reasons why Adeduntan resigned abruptly is not on account of the crisis rocking the bank. This is contrary to Adeduntan’s reason for throwing in the towel prematurely.
Sources squealed that Adeduntan’s abrupt resignation may not be unconnected with the squabbles that have rocked the board of the bank.
The said crisis stemmed from protests by shareholders who are kicking against the bank’s internal governance and shareholding structure.
It was also revealed that Adeduntan’s resignation is not likely to be the last that will be the fallout of the crisis.
According to reports, Adeduntan, resigned from the bank abruptly to pursue other interests.His tenure is supposed to expire on 31 December, 2024 but he could not wait for that date as he quit to pursue other interest.
The MD, in a resignation letter addressed to the chairman, 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 First Bank for a record time of nine years.
He said during this period the bank and its subsidiaries had undergone significant changes and broken new grounds.
Adeduntan stated that he and his team had 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,” he said.
The bank’s CEO added that he is eternally grateful to the board of directors of First Bank and FBN Holdings Plc for the support that he received from them during his stewardship.
