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 by | Bisi Onasanya |
| Succeeded by | Olusegun 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 7 May 1969 Ibadan, Oyo State, Nigeria |
| Children | 3 |
| Alma mater | University of Ibadan Cranfield School of Management |
| Profession | Banker Accountant |
Early life and education
editAdeduntan 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
editKPMG (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
editAdeduntan 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]
| 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
editAdesola Adeduntan is married with children.
References
edit- ^ Aderounmu, Zainab (2024-04-20). "Who is Adesola Adeduntan, former CEO of First Bank?". Businessday NG. Retrieved 2024-11-11.
- ^ "How Adesola Adeduntan Rose To Become Chief Executive Of First Bank Of Nigeria - Olatorera For Greater Africa". 2018-08-27. Retrieved 2024-11-13.
- ^ "After Three Terms, Adesola Adeduntan Steps Down as First Bank CEO – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-11-11.
- ^ akidi@fbn (2020-02-02). "Adesola Adeduntan, – How to do well by doing good". First Bank of Nigeria. Retrieved 2024-11-11.
- ^ "Cranfield University Alumni | News | Distinguished Alumnus of the Year 2020 winner". alumni.cranfield.ac.uk. Retrieved 2024-11-11.
- ^ "Adesola Adeduntan – Oyo State International Business Summit". Retrieved 2024-11-11.
- ^ AriseNews (2024-04-20). "First Bank CEO Adeduntan Resigns". Arise News. Retrieved 2024-11-11.
- ^ admin. "Dr. Adesola Kazeem Adeduntan (FCA), MD/CEO, First Bank Nigeria Limited | ALM CEO Hall of Fame". Retrieved 2024-11-11.
- ^ Edge, Marketing (2019-04-25). "Adesola Kazeem Adeduntan – A Corporate Executive with Sterling Credentials and Records". Marketing Edge Magazine. Retrieved 2024-11-11.
- ^ "Adesola Kazeem Adeduntan, CEO of First Bank of Nigeria". The CEO Magazine. Retrieved 2024-11-11.
- ^ "Dr. Adesola Kazeem Adeduntan, FCA, FCIB- Member, Board of Trustees". Lagos State Security Trust Fund. Retrieved 2024-11-11.
- ^ https://thestreetjournal.org/how-adesola-adeduntan-developed-bold-ideas-technological-innovations-to-help-first-bank-stay-ahead-of-others/
- ^ "Dr. Adesola Kazeem Adeduntan (FCA) - Managing Director/CEO". FirstBank Gambia. Retrieved 2024-11-11.
- ^ Eric (2024-04-20). "Done and Dusted: Adesola Adeduntan's Eight Years of Stardom at FirstBank - TheBoss Newspaper". Retrieved 2024-11-11.
- ^ Ajia, Jide (2024-04-20). "Adeduntan steps down as First Bank CEO after nine-year tenure". Punch Newspapers. Retrieved 2024-11-11.
- ^ https://thenationonlineng.net/breaking-first-bank-board-meets-over-adeduntans-pre-retirement-leave-notice/amp/
- ^ "Banker Of The Year 2021: Dr Adesola Kazeem Adeduntan - Leadership Conferences". 2022-05-01. Retrieved 2024-11-11.
- ^ https://proshare.co/articles/celebrating-excellence-dr-adesola-kazeem-adeduntan-fca-fcib?menu=WEB-TV&classification=Watch&category=Banking
- ^ https://pmnewsnigeria.com/2020/09/10/first-bank-md-adeduntan-bags-forbes-award-buhari-celebrates/?amp=1