First Bank gets new MD/CEO designate

The Board of First Bank of Nigeria at its meeting on Wednesday, approved the appointment of Mr Gbenga Shobo, currently Deputy Managing Director, as Managing Director designate of the bank. The lender has also appointed Mr. Abdullahi Ibrahim, as its new Deputy Managing Director.

According to the bank, the decision is subject to all regulatory approvals.

Shobo succeeds Adesola Kazeem Adeduntan, who will be leaving the bank in accordance with the bank’s term limit for its Chief Executives, after successfully leading the bank since January 2016.

These decisions take effect from today (Wednesday, April 28).

Gbenga Francis Shobo who was born on June 2, 1963 is currently deputy managing director, First Bank of Nigeria Limited; prior to which, he was Executive Director (Lagos & West) with the bank.

A chartered accountant, Gbenga began his career with Coopers & Lybrand, a firm of chartered accountants, in 1986. Thereafter, he joined Victory Merchant Bank, commencing a career in banking that has spanned 23 years.

He attended St Gregory’s College, Lagos for his secondary school certificate, before completing a bachelor’s degree in political science at the University of Ife.

Gbenga worked for one year (2004 – 2005) with FBN Merchant Bank as general manager, corporate/commercial banking. He had responsibility for credit, relationship management, and business development, in a role that saw him coordinate the operations of the bank’s branches across the country.

He joined FirstBank from FBN Merchant Bank Limited as group head, national corporates in 2006. He held different offices in the bank before becoming executive vice president, retail south in 2010.

Impassioned by the prospects for domestic small- and medium-sized businesses, in his role as Executive Director, Lagos & West, Gbenga was responsible for the public sector and retail banking businesses of FirstBank in the Lagos and West area.

He was appointed Deputy Managing Director of First Bank on January 4, 2016.

Gbenga held other roles within the FBN Holdings Group, most notably as Non-Executive Director and Chairman of FBN General Insurance Limited effective March 21, 2016.