Personality in Focus
Adeduntan Sustains Winning Streak, Pioneers Leadership Excellence in Banking
Since his appointment as MD/CEO of First Bank of Nigeria Limited in 2016, Dr. Adesola Adeduntan has completely transformed the financial institution and has made it attractive to every strata of the society. From an institution that used to be perceived as an old-generation bank, FirstBank is now a darling to all as it leverages latest digital tools to meet its customers’ needs. Also, under Adeduntan’s leadership, the 128-year old bank has made huge contributions to national development, thereby stimulating development, setting standards and motivating excellent output across sectors. Clearly, these contributions to national development were what endeared Adeduntan to President Muhammadu Buhari who recently saluted him on his recognition by Cranfield University, UK, one of the most prestigious citadels of learning in Europe. Adeduntan will on Wednesday, June 22, be conferred with Doctor of Science, Honoris Causa and he would be delivering an address to the graduating class of the university. This feat, the president in a statement by his Special Adviser (Media and Publicity), Femi Adesina, described as, “another testament to the fact that Nigeria is blessed with the brightest and the best in all areas of human endeavor.” Buhari lauded Adeduntan for being a role model to the younger generation, showing that hard work pays, and with resourcefulness and doggedness, great heights are achievable.
Adeduntan holds a Doctor of Veterinary Medicine from the University of Ibadan, Master’s in Business Administration from Cranfield University, and is Fellow of Institute of Chartered Accountants of Nigeria (ICAN), as well as Chartered Institute of Bankers of Nigeria (CIBN).
The president sent best wishes to Adeduntan and family as he hoisted Nigeria’s flag proudly to receive an honor Cranfield University said was in recognition of his outstanding contribution to business. Incidentally, Buhari’s commendation came on the day the bank successfully held its AGM which showed a stellar performance in its financials, a transformational result that put the bank on course to reclaiming its leadership position of the financial sector.
Adeduntan has a distinguished career in finance having held senior positions at Citibank Nigeria, KPMG and Arthur Andersen Nigeria. He studied at Cranfield University as a British Chevening Scholar, achieving an MBA in 2005.
Commenting on the honour by Cranfield University, the FirstBank boss said: “I am extremely humbled and most grateful to the university for this recognition. My time at Cranfield served as a catalyst for my professional and personal development propelling me to the leadership position I occupy today.
“I am a firm believer in talent management, being vital to further accelerate Africa’s growth to enable it to benefit from its demographic dividend and the opportunities therein. I look forward to sharing my experiences with the students on the universal applicability of the skills the Cranfield MBA provides to positively impact the world.”
On his part, the Chief Executive and Vice-Chancellor of Cranfield University, Professor Karen Holford CBE FREng also congratulated Adeduntan, saying: “It is an honour to welcome Dr Adeduntan back to Cranfield to recognise all his professional achievements in this way. His own experience at Cranfield University has propelled his career forward and this serves as a true inspiration for our graduates both this year and in the future.”
Indeed, Adeduntan is an accomplished professional with distinctive international and domestic experience in commercial and investment banking, development finance, audit, and consulting; a philanthropist and leader with keen interest in providing platforms for the development of other young leaders.
The FirstBank Group, the commercial banking arm of FBN Holdings Plc, which he heads is made up of First Bank of Nigeria and subsidiaries including FBNBank UK, FBNBank DRC, FBNBank Ghana, FBNBank Senegal, FBNBank Guinea, FBNBank Gambia, FBNBank Sierra Leone and First Pension Custodian as well as Representative Offices in France and China.
Adeduntan is overseeing one of the most extensive transformation programmes in sub-Saharan African financial services industry, with the goal to reposition FirstBank Group to market pre-eminence.
He is leading FirstBank Group on the journey to win the most significant emerging business opportunities in the financial services industry through the development and execution of a digital-led strategy that has established FirstBank as the dominant player in digital banking.
FirstBank Group’s transformation programme, under the leadership of Adeduntan has enabled the bank to grow customer accounts from about 10 million in 2015 to over 36 million (including digital wallets), become the second largest issuer of cards in Africa with over 11.8 million issued cards, onboard over 18.6 million active customers on FirstBank’s digital banking platforms, and initiate and grow the most expansive bank-led Agent Banking Network in Africa with over 170,000 agents.
His career in banking and finance, spanning almost three decades, has earned him various recognitions and awards including Forbes Best of Africa – Outstanding Leader in Africa, Distinguished Alumnus Award by both the Cranfield University’s School of Management and the University of Ibadan, African Banking Personality of the Year, African Banker of the Year Award; Banking Icon of the Decade by the Sun Newspapers and induction into the African Leadership Magazine (ALM) Hall of Fame, Honorary Citizenship of the State of Georgia and Congressional Commendation Award from the Georgia Senate – USA, Bank CEO of the Year by the AES Excellence Club and several other awards.
He has attended various executive and leadership programmes at Harvard Business School (USA), Wharton School (USA), London Business School (UK), IESE (Spain), University of Oxford (UK), University of Cambridge (UK), CEIBS (China) and INSEAD (France). He is a fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).
Adeduntan’s leadership drive also reflected in First Bank Nigeria Limited’s recently released full year 2021 financial statement. The results clearly showed the strength and resilience of the iconic African elephant as well as the financial institution’s leadership in the industry. The impressive results were a reflection of the robust strength and growth of the iconic African elephant, showing that the bank has taken its rightful position among the industry leaders.
In addition, it showed the level of work the current board, management and staff of the bank have put in to turn the tide in the 128 years old institution with entrenched corporate governance.
The full year 2021 performance by the bank represented a shift in the financial institution’s performance trajectory and was made possible through its undeterred commitment in pursuing its transformational agenda; cutting across customer-led innovation, building a digitalised bank, culture change, reinventing the bank’s workplace and safeguarding its assets for the digital age.
For the first time, FirstBank Group posted the best result in more than a decade history of the bank by crossing the N100 billion profit line. Specifically, in the full year 2021 financial statement, the FirstBank Group reported a 73.9 per cent growth in its profit after tax to N117.8 billion, as against the N67.8 billion recorded as of December 2020, just as its profit before tax stood at N130.9 billion, which was a significant rise by 77.9 per cent year-on-year, as against the N73.6 billion it was as of December 2020.
FirstBank’s gross earnings also increased by 30.3 per cent to N716.8 billion in 2021, up from N550.3 billion it was as of December 2020. Also, it recorded non-interest income of N342.2 billion in the year under review, which was 106.4 per cent higher than the N165.8 billion recorded as of December 2020. As a result of years of strategic restructuring of its balance sheet and operations, its gross earnings also moved northwards by 30.3 per cent, its total assets was up 15.9 per cent to N8.5 trillion as of the end of 2021, as against the N7.4 trillion recorded the previous year, just as its customer deposits also climbed by 19.5 per cent to N5.6 trillion, up from the N4.7 trillion recorded the previous year. The bank’s customer loans and advances also improved by 28 per cent to N2.8 trillion in the year under review, up from N2.2 trillion the previous year.
FirstBank has shown innovation, resilience and commitment to growth by significantly reducing its non-performing loans (NPL) from 25% in 2016 to an acceptable level of 6.1% in 2021.
To demonstrate that the bank’s performance in 2021 was not a fluke, the Bank equally performed excellently well in Q1 2022. FirstBank recorded 32% increase in gross earnings to N180bn in Q1’22 from N136.6bn in Q1’21. Profit after tax was up 108% to N32.4 billion (Q1’22) relative to N15.6 billion (Q1’21). This impressive performance is hinged on robust loan portfolio, effective cost structure and increased digital services.FirstBank recorded the highest decline in its cost-to-income ratio in Q1 2022, dropping from 79.5% recorded in Q1 2021 to 67.03% amongst tier-1 Banks in the review period.
With FirstBank under Adeduntan, the safety of customers and the security of their transactions come first. This has ensured the bank keeps the trust of Nigerians gained over the many years of its enduring legacy of safety and security.
The bank also delivers unique and bespoke financial services solutions across all customer segments underpinned by its commitment to innovation and the customer experience. It also leverages its strong investment banking capabilities to support clients in defining and executing innovative debt solutions as well as offer strategic advice at the highest level, arrange tailor-made financing structures, manage risk and ultimately help clients to realise their aspirations
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.
Over the years, the bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the federal government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner. It is expected that the leadership excellence and recognitions accorded to Adeduntan would continue to reflect positively on the FirstBank brand and fundamentals of the bank so that the elephant will continue to stand ‘gidigba.’
Culled from ThisDay
The Minister of Police Affairs, Senator Ibrahim, has commiserated with the family of late Navy Captain Caleb Olubolade (retd) on the death of the former military administrator.
In a condolence statement signed by the Minister himself, and made available to the National Association of Online Security News Publishers (NAOSNP), Senator Gaidam lauded the fallen soldier, saying that his contributions to nation building will not be forgotten.
Olubolade died in the early hours of Monday, May 12, 2025.
Below is the detailed message:
LETTER OF CONDOLENCE TO THE FAMILY OF THE LATE NAVY CAPTAIN CALEB OLUBOLADE (RTD)
I, the Honourable Minister of Police Affairs, Senator Ibrahim Gaidami, offer condolences to the people and government of Nigeria, especially the Olubolade family, on the death of former Minister of Police Affairs, Navy Captain Caleb Olubolade (Rtd), who died today.
The Ministry and Police community share this moment of grief and sorrow with the family, the people of the state, and the entire country. When offering condolences to a statesman, it is important to acknowledge the significance of his contributions and the impact of his passing on the nation.
We are deeply saddened by the loss of a true leader and dedicated servant to our nation. His legacy will live on through his tireless efforts and commitment to the people. This is a profound loss for our country. Captain Olubolade’s dedication to public service and his unwavering commitment to the security sector will be remembered.
Our hearts are heavy as we mourn the passing of a statesman who served with honor and integrity. May his spirit of leadership inspire generations to come.
In this time of grief, we offer our deepest condolences to the family and friends of Olukayode. His contributions to our nation will not be forgotten.
A Board Member of Lagos State Security Trust Fund (LSSTF), Dr. Ayo Ogunsan, has been honoured with membership status of the Centre for African Social and Economic Transformation (CASET), University of the West of England, United Kingdom.
The recognition is coming on the heels of Ogunsan’s indefatigable commitment and unrelenting advocacy and support for quality education across all levels.
Dr. Ogunsan’s unflinching interest in education glaringly shows in his active participation as Board Member of Center for Digital Humanities (CEDHUL) in Nigeria’s frontline university, University of Lagos; as Chairman of AKEM Foundation, a nonprofit which has provided millions of naira within two (2) years to support schools and NGOs who provide education access for free to children in underserved communities in Nigeria; and in several individual sponsorships to ensure that the future is brighter for children. His personal story of prominence polished out of adversity continues to propel him forward.
This commitment is well-captured in the letter of Jo Midgley, the Deputy Vice Chancellor and the Registrar of the University of the West of England, UK who communicated the news of the appointment to the advisory board.
The academic, Jo Midgley highlighted about Dr. Ogunsan, ‘Your extensive experience and contributions to Africa’s higher education sector through training university leaders and teaching personnel, as well as your Board Membership of the Centre for Digital Humanities at the University of Lagos, Nigeria will make you an invaluable member of our CASET’s Advisory Board.’
‘As a Board member, you will play a crucial role in shaping CASET’s strategic direction, providing high-level support and guidance on stakeholder engagement strategies and knowledge dissemination efforts, helping to foster impactful collaborations and partnerships, and ensuring that the Centre’s initiatives align with the evolving needs of Africa’s social and economic landscape’, the letter stated about the expectations for the technocrat Ogunsan.
The higher institution, University of the West of England, United Kingdom also added the reason for appointing Dr. Ayo Ogunsan as Member of the Advisory Board of our Centre for African Social and Economic Transformation (CASET). They noted that they are guided by the University’s ethos of enterprise and collaboration, thus ‘the Centre is dedicated to empowering individuals and communities in Africa through strategic partnerships and transformative education and training programmes, research, evidence-based policymaking, social and cultural engagement geared towards finding practical solutions to regional social and economic challenges.’
‘We will be honoured to have you as part of our highly respected and esteemed group of experts and thought leaders.’
Midgley added that the Advisory Board convenes annually, with meetings held virtually and occasionally in person at the University of the West of England UK or in Africa where feasible.
He noted that Ogunsan’s insights and participation would be instrumental in helping CASET to achieve its mission of fostering transformative social and economic change through capacity building, research priorities, evidence-based policy and innovation.
The Registral said that Advisory Board Members were not employees of the University including CASET adding that his term as a board member would commence in June 2025 and run for a renewable period of three years on a non-remuneration basis.
“Renewal of board membership is subject to members’ continuing support, integrity and commitment to always being a good ambassador in advancing CASET’s mission.
“We will be honoured to have you as part of our highly respected and esteemed group of experts and thought leaders.
“We also appreciate your willingness to contribute to our mission and look forward to your valuable contribution to advancing CASET’s vision for transformative change in Africa,” he said in the letter.
It was gathered that Ogunasn is a prominent figure in the education sector, his expertise spans entrepreneurs hip, security management, and education, and he is widely acknowledged for his visionary leadership and unwavering commitment to excellence.
Source: Trek Africa
Robert Francis Prevost, the first pope from the United States, has a history of missionary work in Peru but also a keen grasp of the inner workings of the Church.
The new Leo XIV, a Chicago native, was entrusted by his predecessor Francis, to head the powerful Dicastery for Bishops, charged with advising the pontiff on new bishop appointments.
The sign of confidence from Francis speaks to Prevost’s commitment as a missionary in Peru to the “peripheries” – overlooked areas far from Rome prioritised by Francis – and his reputation as a bridge-builder and moderate within the Curia.
The 69-year-old Archbishop-Bishop emeritus of Chiclayo, Peru, was made a cardinal by Francis in 2023 after being named Prefect of the Dicastery, one of the Vatican’s most important departments — and a post that introduced him to all key players in the Church.
Vatican watchers had given Prevost the highest chances among the group of US cardinals of being pope, given his pastoral bent, global view and ability to navigate the central bureaucracy.
Italian newspaper, La Repubblica, called him “the least American of the Americans” for his soft-spoken touch.
His strong grounding in canon law has also been seen as reassuring to more conservative cardinals seeking a greater focus on Theology.
Following Francis’s death, Prevost said there was “still so much to do” in the work of the Church.
“We can’t stop, we can’t turn back. We have to see how the Holy Spirit wants the Church to be today and tomorrow, because today’s world, in which the Church lives, is not the same as the world of ten or 20 years ago,” he told Vatican News last month.
“The message is always the same: proclaim Jesus Christ, proclaim the Gospel, but the way to reach today’s people, young people, the poor, politicians, is different,” he said.
Born on September 14, 1955, in Chicago, Prevost attended a Minor Seminary of the Order of St Augustine in St Louis as a novice before graduating from Philadelphia’s Villanova University, an Augustinian institution, with a degree in Mathematics.
After receiving a masters degree in divinity from Chicago’s Catholic Theological Union in 1982, and a doctorate decree in canon law in Rome, the polyglot joined the Augustinians in Peru in 1985 for the first of his decade-long missions in that country.
Returning to Chicago in 1999, he was made provincial prior of the Augustinians in the US Midwest and later the prior general of the order throughout the world.
But he returned to Peru in 2014 when Francis appointed him as apostolic administrator of the Diocese of Chiclayo in the country’s north.
Nearly a decade later, Prevost’s appointment in 2023 as head of the Dicastery came after Canadian Cardinal Marc Ouellet was accused of sexually assaulting a woman and resigned for age reasons.
The Vatican later dropped the case against Ouellet for insufficient evidence.
Prevost also serves as president of the Pontifical Commission for Latin America.
