A Tale Of Two MDs…First Bank MD Adeduntan And Bisi Onasanya At War

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It has been said of business circles that the grand achievements of one leader becomes the great headaches of his successor.

And this is exactly what is playing out in the hallowed halls of Nigeria’s premier financial institution if rumours making the rounds are to be believed.

The corridors of First Bank are thick-full of Intrigues at the moment as a battle of wits plays out between the bank’s past and its present.

The alleged face off between the current Group Managing Director of the bank, Adesola Adeduntan and the man he succeeded, Olabisi Onasanya is said to have driven a wedge among what is generally considered a close knit family as senior employees are forced to pitch their tents in one camp or the other either out of loyalty or experience.

The story goes that Adeduntan was shocked out of boots when a close scrutiny of the bank’s records uncovered some questionable transactions carried out during Onasanya’s time at the helm.

Insiders allege that these dealings didn’t go down well with certain members of the bank’s top hierarchy,leading to a protracted dispute as they sought recompense from the former MD.

Adeduntan, it is claimed, sided with them, and held onto Onasanya’s entitlements as a retired employee of the bank.

This development didn’t go down well with the man who stepped down as First Bank MD in 2015 after six productive years at the helm. To add pepper to an open wound, hardly had Adeduntan stepped into his position than he reportedly gave some of Onasanya’s loyalist their marching orders.

Insiders allege his coronation was followed by a swift and selective purge and redeployment as his own people were placed in strategic positions.

Onasanya, not a man to take kindly to the apparent dismantling of his legacy, has been spoiling for a fight ever since. The two do not see eye to eye.

Like oil and water, they go to great lengths to avoid meeting each other. Not even their lifelong friends in the industry have been able to thaw the ice of their relationship which has since solidified into a Cold War.

About The Author

A writer, communicator, Graduate of the Nigerian Institute of Journalism and a Christian.

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