Living the Golden Life: The Adeduntan’s Story

Living the Golden Life: The Adeduntan’s Story

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In about seven years, Adeduntan will be celebrating the diamond – 60years. Amongst the financial services providers in Nigeria, there are not many to match Adeduntan’s. Govima’s Team writes about Adeduntans life in his almost 30 years in the finance industry.

The Beginning

Adesola Kazeem Adeduntan was born on 7 May, 1969 in Ibadan, Oyo state. He had his primary school education at the Ibadan Municipal Government Primary School, Adeoyo. He further attended the Urban Day Grammar School, Old Ife Road, Ibadan for his secondary school education. He subsequently attended the University of Ibadan between 1986 and 1992 where he bagged a degree in Veterinary Medicine.

Born to Lead

Adesola Adeduntan’s leadership qualities had begun during his days in secondary school after he was made the deputy senior prefect during his final year in the school. He has had leadership training at Harvard, Cambridge, Oxford, and INSEAD.

In 2000, he served as an instructor at the Andersen World-Wide induction training for new hires in Eindhoven, Netherlands.

Over the past 20 years, Adesola has been trained in Treasury and Financial Management, Risk Management, Accounting and Internal Controls, Corporate Governance, Corporate Strategy Development and Implementation, Corporate Finance, and Business Performance Management.

The Shift to the Finance Sector

In 1994, Adeduntan was employed as a graduate trainee at the defunct Afribank into bank operations. After serving at the defunct Afribank for 18 months, he was appointed the Director and the pioneer Chief Financial Officer/Business Manager of Africa Finance Corporation.

He also worked as a Senior Vice-President & Chief Financial Officer at Citibank Nigeria Limited.

Adesola was made a Senior Manager in the Financial Services Group of KPMG Professional Services, and afterward, he was appointed the Manager at Arthur Andersen, Nigeria.

The Controversy

In April 2021, the management of the First Bank Nigeria Limited announced that Adesola Adeduntan has been removed as the Managing Director and Executive Director of the bank. It announced that he has been replaced with Gbenga Shobo, formerly the deputy managing director.

However, the Central Bank of Nigeria opposed the appointment alongside other appointments.

The Apex bank stated that the tenure of Adedeuntan has not yet expired at the time of his removal.

“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure which is due on December 31, 2021,” CBN stated.

Adeduntan the Restorer

Adekunle Abolaji wrote in his opinion published in the Vanguard online newspaper that “Adeduntan eventually rescued the bank (First Bank) from collapse. Besides entrenching a culture of professionalism and excellent results in the bank, he ensured that there are no more dirty deals going on within the bank’s halls.”

According to the CBN, the removal of Adeduntan in 2021 without prior notice would have had implications for the stability of the bank’s financial system.

“No cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the bank and position it as a banking industry giant,” it added.

Cross to the Milestone

Adeduntan, as a Nigerian business executive, joined the First Bank of Nigeria Limited and Subsidiaries in 2014 and was appointed the Managing Director/Chief Executive Officer. He had earlier served as the Executive Director and Chief Financial Officer at the bank.

Currently, Adeduntan is a member of the Bretton Woods Committee, and currently sits on the board of the Nigerian Economic Summit Group, and is a non-executive director on the boards of the Nigeria Interbank Settlement System Ltd. (NIBSS), Africa Finance Corporation (AFC), FBN Bank U.K. Ltd., Universal Payments Plc., and Shared Agent Network Expansion Facilities Ltd. (SANEF).

Adesola is a Fellow of the Institute of Chartered Accountants of Nigeria.

He also holds a Master’s Degree in Business Administration (MBA) from Cranfield University Business School, the United Kingdom which he attended as a distinguished “British Chevening Scholar.” In addition to his MBA, he has attended executive/leadership programmes at Harvard, Cambridge, Oxford, and INSEAD.

Adesola is a member of Sigma Educational Foundation, which is focused on enhancing the quality of the tertiary education system in Nigeria.

He is happily married with children. Adesola loves African folktale music.

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