Dr. Adesola Kazeem Adeduntan served as Group Managing Director/CEO of First Bank of Nigeria from January 2016 to April 2024. During his tenure, he transformed the institution from a legacy bank facing major operational challenges into one of the most digitally advanced and inclusive banks in the country.
From Crisis to Stability: Turning Around a Once-Troubled Bank
When Dr. Adeduntan took the helm in 2016, FirstBank was grappling with an alarming non-performing loan (NPL) ratio of over 18%. The bank had recorded ₦226 billion in loan provisions and a significantly reduced profit margin of just ₦12.2 billion. By 2020, under his leadership, the bank had reduced NPLs to below 8%, improved provisioning levels, and grown profits to over ₦75 billion.
This turnaround was driven by his emphasis on risk management, operational excellence, and digital transformation.
Empowering Communities Through Retail Expansion
A major hallmark of his legacy was the strategic expansion of FirstMonie, FirstBank’s agent banking network. Under his guidance, the bank extended its presence to 772 of Nigeria’s 774 local government areas through over 250,000 banking agents. These agents provided financial services such as deposits, withdrawals, bill payments, and even access to micro-loans.
This model not only brought financial access to millions of unbanked Nigerians but also created over 300,000 indirect jobs. It positioned FirstBank as a leader in financial inclusion and retail banking.
Championing Digital Innovation
Dr. Adeduntan oversaw the bank’s evolution into a digital-first institution. The bank launched self-service digital branches equipped with ATMs, AI-powered kiosks, and humanoid robots. He also led the implementation of FirstDirect, a platform for real-time payments and trade finance.
By the end of his tenure, over 90% of customer transactions were conducted via digital channels. The bank’s digital customer base rose from 600,000 in 2016 to over 23 million by 2024.
Leadership Philosophy and Insights
Dr. Adeduntan is known for saying, “Strategy without execution is hallucination.” His leadership emphasized not only vision but also disciplined follow-through. He also believed in putting the customer at the center of banking transformation.
In interviews, he remarked, “One of the most meaningful moments for me is seeing our customers satisfied with the financial solutions we provide.” He further stressed the importance of financial inclusion, calling it “a tool to unlock savings, investment, and ultimately, economic growth.”
Legacy and Impact
Under his leadership, FirstBank’s profit before tax rose from ₦10 billion to ₦317 billion, while return on equity soared from under 1% to nearly 45%. Market capitalization also grew significantly—from ₦110 billion to over ₦1.1 trillion.
His exit in 2024 was met with high praise from industry stakeholders who described him as visionary, transformational, and customer-focused.
Key Takeaways
- Execution is critical—ideas must be backed by discipline and delivery.
- Retail banking thrives on inclusion—agent networks can scale financial access.
- Innovation must serve the customer—technology is a tool, not an end.
- Leadership requires foresight—but also grounded implementation.
Dr. Adeduntan’s legacy is a clear demonstration of how purposeful leadership, innovation, and inclusion can reshape the future of retail banking in Africa.
