Dr. Adesola Adeduntan, Executive Director/CFO of First Bank of Nigeria, has been lined up to succeed Mr. Bisi Onasanya, who retires on December 31, 2015. Folake Ani-Mumuney, Global Head, Marketing & Corporate Communications at First Bank, announced this late yesterday along with some other major changes.

She said in a statement issued in Lagos: “Following a rigorous selection process driven by the Board and supported by Heidrick & Struggle, the internationally renowned executive search firm, Dr. Adesola Adeduntan, the current Executive Director/CFO emerged Managing Director-designate, First Bank of Nigeria Ltd, while Mr. Gbenga Shobo, the current Executive Director, Lagos & West, emerged Deputy Managing Director-designate. This comes on the heels of the Group’s earlier notice of Mr. Bisi Onasanya’s retirement as GMD/CEO of the bank. These decisions have been ratified by the Board of Directors, subject to all necessary regulatory approvals and all take effect from January 1, 2016.”

On other changes, Ani-Mumuney said that Mr. Bello Maccido, pioneer Group CEO, FBN Holdings, is leaving his position to become pioneer Chairman of the newly-licenced FBN Merchant Bank Ltd, while Mr. UK Eke (MFR), currently Executive Director, South, First Bank of Nigeria Ltd replaces him as Group Managing Director-designate, FBN Holdings Plc. She added that the current Chairman, Prince Ajibola Afonja, will retire and Mrs. Ibukun Awosika would become succeed him.

On the pedigree of the new team taking over next January, the statement said: “As pioneer Group CEO of the FBN Holdings Group in very critical times, Bello birthed the process to establish the multi-faceted group to comply with diverse regulatory requirements, navigating through uncharted territory. He will undoubtedly bring his wealth of experience, spanning over 30 years post call to Bar experience as an accomplished Retail, Corporate and Investment banker, to bear in his new role chairing the Board of the emergent FBN Merchant Bank Ltd.

“The incoming Group Managing Director, UK has over 30 years’ post experience in financial services, auditing, consulting, taxation, process engineering and capital market operations.”

“Sola, the Managing Director-designate, has garnered diverse expertise in Treasury & Financial Management, Risk Management, Accounting, Corporate Governance and Strategy Development, Advisory and Compliance.

“The new DMD-designate, Gbenga, has a banking career spanning over 25 years with experience in Corporate banking, Institutional banking, Commercial banking, Retail banking and Treasury. In announcing the appointments, Dr. Oba Otudeko, (CFR), Group Chairman, FBN Holdings, explained: “Following an exhaustive and competitive process, we are proud to announce these appointments. In reaching these decisions we are mindful of the imperatives for a more efficient group structure that will benefit the Group’s need to deploy systems which deepen efficiency while expanding revenue and returns on investment. We are confident that we have made the right choices in these appointees. In selecting our MD and DMD we were particularly mindful to identify outstanding and topnotch professionals with complementary and mutually reinforcing skill set.”

“These appointments,” according to Ani-Mumuney, “are a testament to the strength of our succession planning mechanisms and the caliber of candidates it produces. It also re-articulates our commitment to put our customers first with the confidence in the value that this new leadership team brings to bear on behalf of the Group, customers and employees, even as we strive to return greater value to shareholders.”

•Photo shows First Bank MD-designate, Dr. Adesola Adeduntan.