First Bank’s Gbenga Shobo Exits Firm 2 Years After Leadership Tussle

First Bank’s Gbenga Shobo Exits Firm 2 Years After Leadership Tussle

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The Deputy Managing Director of First Bank of Nigeria (FBN), Gbenga Shobo, has retired from the position after joining the board 11 years ago.

Shobo retired from the board on 27 February 2023 due to the investment banker approaching the age of 60 years, which is the mandatory retirement age.

The banker retired four months before clocking the age of 60, according to a corporate document filed with the Nigerian Exchange Limited (NGX) on Monday, 6 March 2023.

Also, First Bank said the recent tenure limit by the Central Bank of Nigeria (CBN) contributed to Shobo’s exit from the company.

“The Board accepted the Notice of Retirement of the Deputy Managing Director, Mr. Gbenga Shobo effective February 27, 2023. 

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“The retirement comes ahead of Gbenga attaining the mandatory retirement age of 60 on June 2, 2023, and in compliance with a recent directive of the Central Bank of Nigeria (CBN) on Tenure of Directors, via a Circular dated February 24, 2023, to Deposit Money Banks (DMB). 

“The Board appreciates his meritorious service to the Bank and wishes him success in his future endeavours,” the statement by the financial institution revealed. 

Prior to his appointment, Shobo headed various departments; Executive Director overseeing the Retail Banking/Public Sector businesses in the Lagos & West Directorate and the banker also served as the Executive Director overseeing the Retail Business in the South Directorate. 

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Also, he had a brief stint as the Managing Director and Chief Executive Officer of First Bank in April 2021 before he was sacked by the central bank. 

He was appointed to replace MD/CEO, Adesola Adeduntan, who was sacked. The Godwin Emefiele-led CBN was against Shobo and other appointments made by the then-board. 

In response, the financial regulator relieved Shobo of the Managing Director and CEO position at First Bank and reinstated Adeduntan. 

Shobo was made the Deputy Managing Director, while the board that appointed him was sacked by the central bank.

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