The Board of First Bank at its meeting on Wednesday, approved the appointment of Mr Gbenga Shobo, currently Deputy Managing Director, as Managing Director designate of the bank.

This decision is subject to all regulatory approvals.

The bank’s chairman, Ibukun Awosika announced his appointment in a statement.

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.

His appointment takes effect from today (Wednesday, April 28).

“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”, the statement reads in part.