Adesola Kazeem Adeduntan

Dr. Adesola Kazeem Adeduntan FCA, FCIB (born 7 May 1969) is a Nigerian banker, accountant and business executive whose career has centred on building and restructuring major financial institutions across Africa. He served as Group Chief Executive Officer of First Bank of Nigeria Limited from 2016 to 2024[1][2] the longest-serving chief executive in the modern history of Nigeria's oldest commercial bank, where he led a balance-sheet restructuring and digital-banking transformation credited with reducing the bank's non-performing loan ratio from a peak above 24 per cent to single digits and growing its digital customer base more than fourfold.[3][4]

He was previously pioneer Chief Financial Officer and Business Manager of the Africa Finance Corporation (2007–2014), where he helped establish the finance and treasury architecture of what has since become one of Africa's highest-rated investment-grade development finance institutions.[5]Earlier in his career he held senior finance roles at Citibank Nigeria and KPMG (formerly Arthur Andersen). Since leaving FirstBank in 2024, Adeduntan has founded Sequoia Financial Services Limited, an advisory and investment platform, and serves as Pro-Chancellor and Chairman of the Governing Council of Abiola Ajimobi Technical University, Ibadan.[6][7][8] In 2026 he was named by the Alaafin of Oyo to hold the traditional title of Balogun of Oyo, succeeding the late Dr Victor Omololu Olunloyo; his installation was postponed following a security crisis in Oyo State. [9][10][11]He also holds the traditional title of Apesinola of Ibadanland

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
BornAdeduntan Kazeem Adesola
(1969-05-07) 7 May 1969
Ibadan, Oyo State, Nigeria
Children3
EducationUniversity of Ibadan
Cranfield School of Management
ProfessionBanker
Accountant

Early life and education

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.[12][13]

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.[14]

Career

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.[15]

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.[16]

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.[17]

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.[18][19]

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.[20][21]


Appointment as Pro-Chancellor and Chairman, Technical University, Ibadan

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.[22][23]

Awards and recognition

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: [24][25][26]

Major Awards Received by the Bank
YearAwardAwarding Body
2016Best Bank in NigeriaGlobal Finance Magazine
2016Best Private BankWorld Finance
2016Digital Bank of DistinctionGlobal Finance Magazine
2017Best Private Bank NigeriaWorld Finance
2017Most Innovative Bank NigeriaInternational Finance Magazine
2018Best Mobile Banking App NigeriaGlobal Business Outlook Awards
2018Most Innovative Bank in NigeriaWorld Business Outlook Awards
2018Bank of the DecadeBusiness Journal
2019Bank of the Year NigeriaInternational Investor
2019Best Mobile Banking App NigeriaGlobal Business Outlook
2020Best Digital Bank in NigeriaDigital Banker Africa
2020Best Private Bank in NigeriaGlobal Finance
2021Best Banking Brand NigeriaGlobal Brand Award
2021Best Core Banking Implementation in AfricaAsian Banker Awards
2022Retail Banking CEO of the YearWorld Business Outlook
2022Best Commercial Bank ExecutiveCapital Finance International
2022Best Corporate Bank in NigeriaEuromoney
2022Best Corporate Bank in West AfricaBankers Award
2023African Bank of the YearAfrica Leadership Magazine
2023Financial Institution of the YearAfrexim Bank
2023Best Private Bank in NigeriaWorld Finance
2023Best Corporate Bank in NigeriaEuromoney

Personal life

Adesola Adeduntan is married with children.

References

  1. ↑ Aderounmu, Zainab (2024-04-20). "Who is Adesola Adeduntan, former CEO of First Bank?". BusinessDay. Lagos, Nigeria. 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". This Day. Retrieved 2024-11-11.
  4. ↑ "Cranfield University Alumni | News | Distinguished Alumnus of the Year 2020 winner". alumni.cranfield.ac.uk. Retrieved 2024-11-11.
  5. ↑ "Adesola Adeduntan – Oyo State International Business Summit". Retrieved 2024-11-11.
  6. ↑ AriseNews (2024-04-20). "First Bank CEO Adeduntan Resigns". Arise News. Retrieved 2024-11-11.
  7. ↑ admin. "Dr. Adesola Kazeem Adeduntan (FCA), MD/CEO, First Bank Nigeria Limited | ALM CEO Hall of Fame". Retrieved 2024-11-11.
  8. ↑ Edge, Marketing (2019-04-25). "Adesola Kazeem Adeduntan – A Corporate Executive with Sterling Credentials and Records". Marketing Edge Magazine. Retrieved 2024-11-11.
  9. ↑ "Adesola Kazeem Adeduntan, CEO of First Bank of Nigeria". The CEO Magazine. Retrieved 2024-11-11.
  10. ↑ "Dr. Adesola Kazeem Adeduntan, FCA, FCIB- Member, Board of Trustees". Lagos State Security Trust Fund. Retrieved 2024-11-11.
  11. ↑ Olokede, Felix (2023-06-12). "How Adesola Adeduntan developed bold ideas, technological innovations to help First Bank stay ahead of others - The Street Journal". Retrieved 2026-08-11.
  12. ↑ "Cranfield University Alumni | News | Distinguished Alumnus of the Year 2020 winner". alumni.cranfield.ac.uk. Retrieved 2024-11-11.
  13. ↑ "Adesola Adeduntan – Oyo State International Business Summit". Retrieved 2024-11-11.
  14. ↑ AriseNews (2024-04-20). "First Bank CEO Adeduntan Resigns". Arise News. Retrieved 2024-11-11.
  15. ↑ admin. "Dr. Adesola Kazeem Adeduntan (FCA), MD/CEO, First Bank Nigeria Limited | ALM CEO Hall of Fame". Retrieved 2024-11-11.
  16. ↑ Edge, Marketing (2019-04-25). "Adesola Kazeem Adeduntan – A Corporate Executive with Sterling Credentials and Records". Marketing Edge Magazine. Retrieved 2024-11-11.
  17. ↑ "Adesola Kazeem Adeduntan, CEO of First Bank of Nigeria". The CEO Magazine. Retrieved 2024-11-11.
  18. ↑ "Dr. Adesola Kazeem Adeduntan, FCA, FCIB- Member, Board of Trustees". Lagos State Security Trust Fund. Retrieved 2024-11-11.
  19. ↑ Olokede, Felix (2023-06-12). "How Adesola Adeduntan developed bold ideas, technological innovations to help First Bank stay ahead of others - The Street Journal". Retrieved 2026-08-11.
  20. ↑ "Dr. Adesola Kazeem Adeduntan (FCA) - Managing Director/CEO". FirstBank Gambia. Retrieved 2024-11-11.
  21. ↑ Eric (2024-04-20). "Done and Dusted: Adesola Adeduntan's Eight Years of Stardom at FirstBank - TheBoss Newspaper". Retrieved 2024-11-11.
  22. ↑ Ajia, Jide (2024-04-20). "Adeduntan steps down as First Bank CEO after nine-year tenure". The Punch. Retrieved 2024-11-11.
  23. ↑ Reporter, Samuel Oamen | Senior (2024-04-20). "BREAKING: First Bank board meets over Adeduntan's pre-retirement leave notice". The Nation Newspaper. Retrieved 2026-08-11.
  24. ↑ "Banker Of The Year 2021: Dr Adesola Kazeem Adeduntan - Leadership Conferences". Leadership. 2022-05-01. Retrieved 2024-11-11.
  25. ↑ "Celebrating Excellence - Dr Adesola Kazeem Adeduntan, FCA, FCIB". proshare.co. Archived from the original on 2024-11-13. Retrieved 2026-08-11.
  26. ↑ https://pmnewsnigeria.com/2020/09/10/first-bank-md-adeduntan-bags-forbes-award-buhari-celebrates/?amp=1
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