Segun Alebiosun, who is the Executive Director and Chief Risk Officer is set to named the acting CEO of the first bank of Nigeria after the former CEO Adetuntan’s sudden departure from the bank. He is expected to resume the role of the acting Chief Executive Officer for a period of time till a substantive CEO will be appointed and cleared with the central bank, although there are speculations that the former CEO will make return back to the job just as he did in 2021, but others feel there won’t be such a chance for the former like that any more.
A source gave out information regarding the the company that they are to review the fast paced developments that led to to the cancellation and resignation of the former CEO of the bank, Sola Adetuntan, it has been gathered that the former CEO wrote in from Washington that he would be quitting his job at the bank which would take effect on 20th April 2024.
As expected Sola will formally handover to Alebiosun on the 29th of April after he must have returned from the US where he is representing the bank at the world bank /IMT spring meeting, regarding the sudden departure of Sola, facts have been gathered that he resigned fro m the bank just 8 months to the expiration of his contract which he won under the leadership of the former governor of the central bank of Nigeria, Godwin Emefiele, according to speculations and rumors, there are more reasons to the sudden departure of the Sola Adetuntan, as there may be issues of unresolved developments flagged by the regulator years ago that were not in satisfaction to the the apex bank and this might have led to the sudden dismissal of the former CEO.
Issues of mismanagement of relationships have also been hinted and when the apex bank realized that the current board were appointed by the former CBN governor decided to ask for immediate dismissal of the CEO.Adeotun’s departure ids swallowed up in the intrigue that followed the shocking cancellation of the extraordinary general meeting of the financial institution planned to take place on the 30th April 2024.
This meeting was put in place to for the approval of funds before the sudden dismissal, so with the expectations that Adetuntan will take up the the position of the HOLDCO level but it is uncertain if this plan would still hold . though Reasons for Adetuntan’s resignation are not certain, first bank had a rule and policy by which managers are are allowed to be in position for just two terms of three years each but Adetuntan would have completed a tenure of 3 terms if not for his sudden resignation, Adetuntan was appointed as the the CEO of first bank in 2016, before his appointment hes served as the Chief Financial Officer of the bank, and before joining the bank in 2014 he was the the director and pioneer manager of Africa Finance Corporation, and also the former vice president of the citibank Nigeria limited.
