First Bank Announces Retirement Of Deputy MD  

Two years after appointing Gbenga Shobo as the Deputy Managing Director of First Bank of Nigeria (FBN) Limited, the bank has retired him.

His retirement which was based on age took effect on 27 February.

 
Recall that on April 28, 2021, the Board of Directors of FBN Limited approved the appointment of Mr. Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO).
 

However, the FBN revealed that Shobo whose tenure lasted for two years has attained the mandated retirement age of 60 years despite being a board member of the FBN since 2012.
 

The bank also revealed that the decision was made in compliance with the directive of the Central Bank of Nigeria (CBN) in a Circular with reference number FPR/DIR/PUB/CIR/001/070 dated February 24 to Deposit Money Banks.
 

The bank said, “The retirement comes ahead of Mr. Shobo attaining the mandatory retirement of 60 years and in compliance with a recent directive of the Central bank of Nigeria (CBN) on Directors’ tenure.”
 

Until he was appointed MD, Shobo was the bank’s Deputy Managing Director (DMD) and succeeded Mr. Adesola Adeduntan, who led the bank since January 2016.
 

In 2016, before he was appointed DMD, he was the Executive Director overseeing the Retail Banking/Public Sector businesses in the Lagos & West Directorate and was hitherto the Executive Director overseeing the Retail Business in the South Directorate.
 

He also held the positions of general manager for corporate and commercial banking at the lender sister company FBN Merchant Bank and the chair of the underwriting arm FBN General Insurance.
 

Meanwhile, FBN Holdings has revealed that the bank’s top hierarchy has approved the appointment of Oluseyi Oyefeso as the executive director for the Retail Banking South Directorate of the bank.