The Deputy Managing Director of First Bank of Nigeria, Mr. Gbenga Shobo, has stepped down from the board of the company with immediate effect.
According to a tweet by Proshare, Shobo’s resignation followed CBN’s recent review of the term limits of bank Managing Directors, Deputy Managing Directors, Executive Directors, and other executives.
Gbenga Shobo, the Deputy Managing Director of First Bank of Nigeria, has stepped down from the Board of FBN with immediate effect due to the recent CBN circular on Executive management tenure limits.
Recall that the Central Bank of Nigeria (CBN) issued a circular last Friday, notifying banks of the new directive.
The guidelines, among other conditions, stipulate that the tenure of Executive Directors (EDs), Deputy Managing Directors (DMDs) and Managing Directors (MDs) shall be in accordance with the terms of their engagement approved by the Board of Directors of the banks, subject to a maximum tenure of ten (10) years.
The guidelines further stated that where an Executive who is a DMD becomes the MD/CEO of a bank or any other DMB before the end of his/her maximum tenure, the cumulative tenure of such Executive shall not exceed twelve (12) years.
“However, for an Executive (ED) who becomes a DMD of a bank or any other DMB, his/her cumulative tenure as ED and DMD shall not exceed 10 years,” the apex bank stated in the circular.
Also expected to proceed on immediate retirement is Ms Adaora Remy Umeoji, DMD, Zenith Bank. Ms Umeoji was appointed ED in December 2012. Ladi Balogun, Group CEO, FCMB Group Plc, became CEO, First City Monument Bank Limited from 2007 to 2017 and is expected to relinquish his present position in line with the new CBN guidelines.
The CBN circular dated February 24, 2023 and which became effective stipulates that no bank executive is expected to surpass 20 years across the banking industry from the time of appointment as executive or non-executive director to deputy managing director and managing director.
Shobo’s Profile:
Shobo joined the Board of the Bank in 2012. Before he was appointed Deputy Managing Director, he was the Executive Director overseeing the Retail Banking/Public Sector businesses in the Lagos & West Directorate and was hitherto the Executive Director overseeing the Retail Business in the South Directorate.
Gbenga began his professional career with Coopers & Lybrand Chartered Accountants as an External Auditor and Tax Consultant. Throughout his outstanding career, he became the Divisional Head of Corporate Banking Division of MBC International Bank Limited and subsequently, General Manager, Corporate/Commercial Banking of FBN (Merchant Bankers) Limited before joining the Bank. At FirstBank, he has served in senior management roles at various times as the General Manager of Products & Channels Group; Business Development Manager in charge of Rivers & Bayelsa States; and also held the position of Group Head, National Corporates.
Gbenga has over 30 years of work experience from reputable organizations out of which he has garnered more than 26 years in the Banking Industry in Credit & Relationship Management; Products Development & Improvement; Treasury; Product Sales and Banking Operations, amongst others.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of Kellogg School of Management and Harvard Business School. Gbenga also holds a B.Sc. Degree in Political Science from the University of Ife. In addition, he has taken various courses and attended various programmes in top-rated business schools including The Wharton School (University of Pennsylvania) and Stanford University.
Gbenga is the first person to be appointed to the position of Deputy Managing Director of FirstBank in the Bank’s over 120 years of history, a testament to his total commitment and professionalism. He is happily married with children and loves reading, playing golf and lawn tennis.
