First Bank MD Resigns
DR Adesola Kazeem Adetuntan, the Managing Director of First Bank Plc, has resigned from his position eight months before the expiration of his tenure, and has now proceeded on pre-retirement leave starting 20 April 2024 amidst an ongoing capitalisation programme in the banking sector.
In his resignation letter addressed to Mr. Tunde Hassan-Odukale, the Chairman of First Bank, Dr Adetuntan did not give any specific reason for his decision to step down beyond the desire to *pursue other interests”
He wrote:
“As you are aware, my contract would expire on 31 December 2024, after which I would no longer be eligible for employment within the bank having served as the Managing Director/Chief Executive Officer of First Bank for a record time of nine years.
“During this period the bank and its subsidiaries have undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa. I have however decided to proceed on retirement with effect from 20 April 2024, to pursue other interests.
“I am eternally grateful to the board of directors of First Bank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continued success and progress as we move into the next phase of its evolution.
“Warm regards.”
Eighteen-Eleven Media recalls that Dr Adetuntan was retired in 2021 by the then-board of the 130-year-old financial institution, but was reinstated a few days after by the Central Bank of Nigeria.
Eighteen-Eleven Media
