First Bank announces retirement of Deputy MD, appoints new executive director

Nigeria’s oldest lender, First Bank of Nigeria Limited, has announced the retirement of Deputy Managing Director Gbenga Shobo which, the board said, took effect on 27 February.

“The retirement comes ahead of Mr Shobo’s attaining the mandatory retirement of 60,” it said.

The decision was made “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),” it added.

A Monday regulatory filing by FBN Holdings, the parent company, said Mr Shobo has been a board member of Nigeria’s oldest lender since 2012.

He previously held the positions of general manager for corporate/commercial banking at the lender’s sister company FBN Merchant Bank and the chair of the underwriting arm FBN General Insurance.

Meanwhile, FBN Holdings said elsewhere in the document the bank’s top hierarchy has approved the appointment of Oluseyi Oyefeso as the executive director for the Retail Banking South Directorate of the bank.

At various points in the recent past, Mr Oyefeso was the group executive, Commercial and Retail Banking South Division, and the group executive, Commercial and Retail Banking Lagos & West Division.

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Mr Oyefeso took the position of branch manager of one of First Bank’s three major branches in 2006 on joining the organisation. Roles formerly held by him varied from group head and business development manager to country managing director FBN Bank Ghana Limited.

“A seasoned Banker and Chartered Accountant, Seyi started his banking career in January 1993 and has acquired extensive knowledge in Retail, Corporate & Commercial Banking, Credit Risk Management (Analysis & Administration) and Financial Control,” FBN Holdings said.

A fellow of Institute of Chartered Accountant of Nigeria, Mr Oyefeso trained as an accountant and is also an associate of the Chartered Institute of Taxation of Nigeria.