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Adesola Kazeem Adeduntan

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Adesola Kazeem Adeduntan (born 7 May 1969) is a Nigerian business executive with over 30 years of experience in the financial sector. He served as the Group Chief Executive Officer of First Bank of Nigeria Limited and its subsidiaries (FirstBank Group) which comprises FirstBank Nigeria, FirstBank UK, FirstBank Ghana, FirstBank DRC, FirstBank Guinea, FirstBank Gambia, FirstBank Senegal, FirstBank SierraLeone, First Pension Custodian Nigerian Limited and First Nominees Ltd.[1][2] During his tenure, he led various initiatives aimed at transforming the bank’s operations, expanding its digital services, and overseeing its growth in both domestic and international markets.[3][4]

Adesola Kazeem Adeduntan
Group Managing Director/CEO, First Bank of Nigeria Limited
In office
January 2016 – April 2024
Preceded byBisi Onasanya
Succeeded byOlusegun Alebiosu
Director, Chief Financial Officer and Business Manager, Africa Finance Corporation
In office
November 2007 – June 2014
Senior Vice-President (General Manager) & Chief Financial Officer, Citibank Nigeria Limited
In office
September 2005 – October 2007
Senior Manager – Financial Services Industry, KPMG Professional Services
In office
June 2002 – October 2004
Personal details
Born
Adeduntan Kazeem Adesola

(1969-05-07) 7 May 1969 (age 55)
Ibadan, Oyo State, Nigeria
Children3
Alma materUniversity of Ibadan
Cranfield School of Management
ProfessionBanker
Accountant

Early life and education

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Adeduntan was born in Ibadan, Oyo State, Nigeria, he earned a Doctor of Veterinary Medicine (DVM) from the University of Ibadan between 1986 and 1992. He went on to obtain an MBA from Cranfield University in 2005, where he was a British Chevening Scholar. In 2022, Cranfield University awarded him an Honorary Doctorate of Science. Adeduntan was also recognized as the Most Distinguished Alumni by both Cranfield University and the University of Ibadan.[5][6]

In addition, he has attended various executive education programs at international universities, including Harvard Business School, Stanford University, and Wharton School, among others. He is a Fellow of both the Institute of Chartered Accountants of Nigeria and Chartered institute of Bankers of Nigeria.[7]

Career

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KPMG (1995 – 2005)

Adeduntan began his career at KPMG (formerly Arthur Andersen) in 1995, where he rose to the position of Senior Manager in the Financial Services division. He worked on projects related to strategy, audit, mergers & acquisitions, and process improvement for several large Nigerian banks.[8]

Citibank (2005 – 2007)

He served as Senior Vice-President & Chief Financial Officer at Citibank Nigeria between 2005 and 2007. His role included overseeing the recapitalization of the bank to meet regulatory capital requirements and managing various financial aspects of the subsidiary.[9]

African Finance Corporation (2007 – 2014)

Adeduntan was the Director, Chief Financial Officer & Business Manager at the African Finance Corporation (AFC) from 2007 to 2014. He was responsible for the finance and treasury division and played a role in raising funds for the corporation during his tenure.[10]

FirstBank Group (2014 – 2024)

Adeduntan joined First Bank of Nigeria in 2014 as Executive Director/Group Chief Financial Officer before becoming CEO in 2016. His leadership focused on improving the bank's operational efficiency, expanding its digital banking services, and restructuring its balance sheet. He also contributed to the bank’s international expansion, with First Bank operating in several African countries, the UK, and China.[11][12]

Under his leadership, First Bank implemented various digital initiatives, which included growing its digital customer base and expanding its agency banking network. He is also credited with overseeing efforts to reduce the bank’s Non-Performing Loans (NPLs) and improve its profitability.[13][14]

Board Memberships and Associations

Adeduntan has served on the boards of various organizations, including:

  • Chartered Institute of Bankers of Nigeria
  • Nigeria Inter-Bank Settlement System Plc (NIBSS)
  • Shared Agent Network Expansion Facilities (SANEF) Limited
  • Lagos State Security Trust Fund
  • Nigerian Economic Summit Group
  • Africa Finance Corporation (AFC)
  • FirstBank UK Ltd.
  • FMDQ OTC Securities Exchange
  • Sigma Educational Foundation

He is also a member of the Bretton Woods Committee, a nonpartisan network of individuals advocating for international economic cooperation.[15][16]

Awards and recognition

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Adeduntan has received several awards throughout his career, including recognition from Global Finance Magazine, World Finance, Leadership Newspaper, and The Banker. His work in digital banking and retail banking has earned him awards in multiple categories, including Best Bank and Bank of the Year in various years. He has also received several honorary awards for his contributions to banking and economic development. Below is a timeline of major awards: [17][18][19]

Major Awards Received by the Bank
Year Award Awarding Body
2016 Best Bank in Nigeria Global Finance Magazine
2016 Best Private Bank World Finance
2016 Digital Bank of Distinction Global Finance Magazine
2017 Best Private Bank Nigeria World Finance
2017 Most Innovative Bank Nigeria International Finance Magazine
2018 Best Mobile Banking App Nigeria Global Business Outlook Awards
2018 Most Innovative Bank in Nigeria World Business Outlook Awards
2018 Bank of the Decade Business Journal
2019 Bank of the Year Nigeria International Investor
2019 Best Mobile Banking App Nigeria Global Business Outlook
2020 Best Digital Bank in Nigeria Digital Banker Africa
2020 Best Private Bank in Nigeria Global Finance
2021 Best Banking Brand Nigeria Global Brand Award
2021 Best Core Banking Implementation in Africa Asian Banker Awards
2022 Retail Banking CEO of the Year World Business Outlook
2022 Best Commercial Bank Executive Capital Finance International
2022 Best Corporate Bank in Nigeria Euromoney
2022 Best Corporate Bank in West Africa Bankers Award
2023 African Bank of the Year Africa Leadership Magazine
2023 Financial Institution of the Year Afrexim Bank
2023 Best Private Bank in Nigeria World Finance
2023 Best Corporate Bank in Nigeria Euromoney

Personal life

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Adesola Adeduntan is married with children.

References

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  1. ^ Aderounmu, Zainab (2024-04-20). "Who is Adesola Adeduntan, former CEO of First Bank?". Businessday NG. Retrieved 2024-11-11.
  2. ^ "How Adesola Adeduntan Rose To Become Chief Executive Of First Bank Of Nigeria - Olatorera For Greater Africa". 2018-08-27. Retrieved 2024-11-13.
  3. ^ "After Three Terms, Adesola Adeduntan Steps Down as First Bank CEO – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-11-11.
  4. ^ akidi@fbn (2020-02-02). "Adesola Adeduntan, – How to do well by doing good". First Bank of Nigeria. Retrieved 2024-11-11.
  5. ^ "Cranfield University Alumni | News | Distinguished Alumnus of the Year 2020 winner". alumni.cranfield.ac.uk. Retrieved 2024-11-11.
  6. ^ "Adesola Adeduntan – Oyo State International Business Summit". Retrieved 2024-11-11.
  7. ^ AriseNews (2024-04-20). "First Bank CEO Adeduntan Resigns". Arise News. Retrieved 2024-11-11.
  8. ^ admin. "Dr. Adesola Kazeem Adeduntan (FCA), MD/CEO, First Bank Nigeria Limited | ALM CEO Hall of Fame". Retrieved 2024-11-11.
  9. ^ Edge, Marketing (2019-04-25). "Adesola Kazeem Adeduntan – A Corporate Executive with Sterling Credentials and Records". Marketing Edge Magazine. Retrieved 2024-11-11.
  10. ^ "Adesola Kazeem Adeduntan, CEO of First Bank of Nigeria". The CEO Magazine. Retrieved 2024-11-11.
  11. ^ "Dr. Adesola Kazeem Adeduntan, FCA, FCIB- Member, Board of Trustees". Lagos State Security Trust Fund. Retrieved 2024-11-11.
  12. ^ https://thestreetjournal.org/how-adesola-adeduntan-developed-bold-ideas-technological-innovations-to-help-first-bank-stay-ahead-of-others/
  13. ^ "Dr. Adesola Kazeem Adeduntan (FCA) - Managing Director/CEO". FirstBank Gambia. Retrieved 2024-11-11.
  14. ^ Eric (2024-04-20). "Done and Dusted: Adesola Adeduntan's Eight Years of Stardom at FirstBank - TheBoss Newspaper". Retrieved 2024-11-11.
  15. ^ Ajia, Jide (2024-04-20). "Adeduntan steps down as First Bank CEO after nine-year tenure". Punch Newspapers. Retrieved 2024-11-11.
  16. ^ https://thenationonlineng.net/breaking-first-bank-board-meets-over-adeduntans-pre-retirement-leave-notice/amp/
  17. ^ "Banker Of The Year 2021: Dr Adesola Kazeem Adeduntan - Leadership Conferences". 2022-05-01. Retrieved 2024-11-11.
  18. ^ https://proshare.co/articles/celebrating-excellence-dr-adesola-kazeem-adeduntan-fca-fcib?menu=WEB-TV&classification=Watch&category=Banking
  19. ^ https://pmnewsnigeria.com/2020/09/10/first-bank-md-adeduntan-bags-forbes-award-buhari-celebrates/?amp=1