BY: OLADAPO SOFOWORA
Talking of a proverbial cat with nine lives, Adesola Adeduntan, the Managing Director of FirstBank fits into that description. Just like the tears that drip through the eyes when cutting a bulb of onion, his detractors who want him out are currently shedding tears and gnashing their teeth after being left in the cold. Few weeks ago, has been quite turbulent for the seasoned boardroom banker but like a skillful sailor, he was able to navigate through the turbulent sea tides despite the typhoons directed at him.
You would wonder why he has triumphed over his enemies, his no-nonsense approach to banking and his ability to turn situations around for good has been his staying power. Highly cerebral in the issues of economics and finance, he is also a calculated risk talker with enduring vision. When he assumed the mantle of leadership at First Bank, pundits believed he had been appointed to play the role of an undertaker due to the destructive plunder visited on the bank by its previous directors and managers.
Not long after taking over, the first generation bank was rescued from the throes of bankruptcy and near collapse. Adeduntan’s ingenuity and a record of professionalism crowned with excellent results sealed his top spot within the bank’s halls. Within a short period, he has transformed the bank via visionary and seamless banking initiatives and has also tried in reclaiming bad debts from erring clients and debtors. Since he assumed leadership, he has outlawed dirty loan deals and is currently on a very successful crusade to reclaim huge loan debts from the bank’s chronic debtors.
According to sources; Some cabal within the bank are not happy with his approach as he does not care whose ox is gored as long as his actions are in line with the bank’s vision and mission statement. He was a nightmare for debtors and was also strategic in his dealings; all these we gathered caused the foiled gang-up against him which led to his illegal expulsion as Managing Director by the board of directors headed by Mrs. Ibukun Awosika before he was reinstated by the Central bank and given a vote of confidence. “Adedutan is not a politician and will not play politics with the fortune of millions of customers and investors. The gang-up against him has been foiled, the mastermind of his removal are all out now making him laugh last. For him to have survived that gang up against him, it shows he is doing something right with God on his side.”
Interestingly, the apex bank averred that; the removal of Adedutan was taken without due consultations with regulatory authorities especially given the status and pedigree of First Bank Ltd, noting that since Adeduntan’s tenure would elapse on the 31st of December, 2021 and there was no report from the Board of any infraction on his side, it, therefore, appears that there was no apparent justification for the kangaroo removal.
Adesola was appointed the Executive Director/Group Chief Financial Officer of First Bank, in July 2014. After two years with First Bank, Dr. Adesola was appointed the Managing Director of the bank, succeeding Bisi Onasanya. He resumed the role on the 4th of January 2016.
