First Bank MD Sola Adeduntan’s Nine Lives

First Bank MD Sola Adeduntan’s Nine Lives

The First Bank drama has turned out to be much more exciting than expected. After the tango with the Central Bank of Nigeria, one could argue that only one individual emerged victorious without suffering any setback. Who would this be if not Sola Adeduntan?

Historians talk about footballers who can change the momentum of a game, excite an entire stadium of committed and neutral spectators, and even snatch the adulation meant for all eleven players of his team. In a way, this is what has happened with Sola Adeduntan and the First Bank Board of Executive Directors. For those who are still behind on recent happenings, the entire executive board of First Bank was sacked by the CBN after the board—for lack of a better phrase—retired Adeduntan from his position as Group MD/CEO. Adeduntan was chased out on April 28 but was reinstated by the CBN on April 29, less than 24 hours later.

Folks have attempted to analyse the entire drama from different perspectives. One narrative supposed to have originated from the CBN is that First Bank had given out several loans to its customers, loans that have not been paid back. Another narrative is that Adeduntan was sacked without regard for the due process. The latter narrative is the more popular. Initially, the former executive directors reported that Adeduntan had completed his four-year tenure since he assumed the MD/CEO position in 2016. Thus, they ushered him out and announced that his deputy, Gbenga Shobo, will replace him. And then CBN arrived on the scene.

In the eyes of the apex bank, Adeduntan’s sack was reminiscent of a coup that might have set a bad precedent for other banking institutions in the country. Thus, to salvage the situation, Adeduntan was reinstated. However, whether he will continue for another four years is yet to be known. In short, the man is the luckiest fellow out there in the Nigerian corporate yard.

It could even be said that he has nine lives, and the old executive directors could not extinguish even one.

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