Business
Adeduntan Sustains His Winning Streak, Pioneers Leadership Excellence in Banking
Published
3 years agoon

Adeduntan Sustains His Winning Streak, Pioneers Leadership Excellence in Banking
By Olorunfemi Adejuyigbe
Oluchi Chibuzor highlights the recent special recognition and honour bestowed on the Managing Director/Chief Executive Officer of First Bank Nigeria Limited by Cranfield University
Since his appointment as Managing Director/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.’
Related
Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

Business
ST Team Lead, Trust Otorudo Allays Fear Of Permanent Restrictions On CBEX Trading Platform
Published
3 days agoon
April 11, 2025
ST Team Lead, Trust Otorudo Allays Fear Of Permanent Restrictions On CBEX Trading Platform
ST Team of CBEX, CryptoBridge Exchange, has appealed to all their investors to stay calm after the recent restrictions on the withdrawal mode of the platform.
A message from the team lead of the ST trading platform, Mr. Trust Oturudo reads; “I trust you are all fine. I am fully aware that you are surprised with the happenings of recent in the ST Team.”
According to Mr Trust Otorudo, Head of Staff, ST Team, Africa “firstly the reason for season 7 rewards were; One of the major goals of the team this year is to ensure that every none VIP members earn at least 10,000 USDT per month while every VIP member earns 100,000 USDT.
Two, by May 21st 2025, the ST Team will be launching into the Asian market, in order to bridge the financial gap between already existing users of African origin and the incoming Asian team.”
According to him, these are more deliberate aim and plans to uplift users financially.
On why there are temporary modifications on how withdrawals are to be placed between now and April 15?
Mr Otorudo said; “remember the whole foundation of this project is hinged on a Win-Win-Win? You as an investor, CBEX the exchange provider, and ST Team the providers of the signals. But most people are focused only on their own benefit, many users immediately after they saw the bonus they greedily started placing withdrawals, such withdrawals are untoward as they will thwart the Win-Win-Win philosophy of the team.”
“Others immediately began placing unnecessarily personal trades just to increase their trading volume just to cheat the system in a bid to earn more.”
“But i can assure you that by Tuesday morning 00.00 hours UK time there will be seamless withdrawals.”
“Do not panic as everything is in place to make you benefit in line with the Win-Win-Win aim. Please remain calm.”
“As your team leader and the Head of ST Team Staff, Africa, I say to you: Do not be afraid.”
Related
Business
VANGUARD AWARDS OLAKUNLE WILLIAMS THE ENERGY ICON OF THE YEAR: CELEBRATING THE TIGER OF THE ENERGY SECTOR IN AFRICA
Published
3 days agoon
April 11, 2025
VANGUARD AWARDS OLAKUNLE WILLIAMS THE ENERGY ICON OF THE YEAR: CELEBRATING THE TIGER OF THE ENERGY SECTOR IN AFRICA
BY CHINEDU NSOFOR
Olakunle Williams, the Chief Executive Officer of Tetracore Energy Group, has been honored with the prestigious Vanguard Energy Icon Award 2025. This accolade recognizes his outstanding contributions to the African energy sector and his visionary leadership in driving innovation and sustainable growth.
A Visionary Leader Transforming Africa’s Energy Landscape
Under Williams’ guidance, Tetracore Energy has emerged as a leading energy solution provider, boasting a natural gas portfolio exceeding 75 million standard cubic feet per day (MMScfd) for industrial use and energizing over 300 megawatts (MW) of power generation in Nigeria. His strategic focus on clean and cost-effective energy solutions aligns with Africa’s aspirations for a sustainable future, positioning him as a pivotal figure in the continent’s energy narrative.
Pioneering Gas Innovation and Strategic Collaborations
Williams’ commitment to innovation is exemplified by Tetracore’s recent collaboration with Dangote Cement to supply up to 400,000 standard cubic meters per day of Auto Compressed Natural Gas (Auto-CNG) for its logistics operations. This partnership marks a significant step towards achieving the goals of President Bola Ahmed Tinubu’s Presidential CNG Initiative (Pi-CNG), highlighting Williams’ role in advancing Nigeria’s energy transition.
Accolades Reflecting Excellence
Olakunle Williams’ remarkable leadership, visionary drive, and consistent dedication to transforming Africa’s energy landscape have earned him several prestigious accolades both locally and internationally. In 2022, he was honoured with the Nigeria Domestic Gas Ambassador Award by the Nigeria Gas Association in recognition of Tetracore’s outstanding commitment to deepening domestic gas utilization across Nigeria. This was closely followed in 2023 by the Innovative Gas Company of the Year Award presented by the Nigeria Gas Investment Forum, celebrating Tetracore’s pioneering contributions to innovation within the gas industry. His transformative leadership qualities were further acknowledged in 2021 when he received the Energy Personality Leadership Prize for African Leadership Excellence, highlighting his role in reshaping the African energy sector. Williams’ growing influence was also solidified when the African Energy Chamber listed him among the 25 Energy Personalities to Watch in 2022, positioning him as one of the most dynamic leaders shaping Africa’s energy future. In 2023, The Guardian Nigeria further amplified his reputation by featuring him among Nigeria’s 50 Most Inspiring and Definitive Top CEOs in its Annual CEO Series. His exceptional contributions to leadership and corporate governance earned him the Professional Doctorate and Corporate Leadership Excellence Award in 2025, conferred by the Chartered Institute of Public Resources Management and Politics (Ghana). In the same year, he bagged the Innovative Sustainable Energy Provider of the Year Award at the Nigerian Business Leadership Awards (NBLA), organised by BusinessDay, for his strategic and sustainable energy solutions. Notably, Williams’ continental impact was recognized with the CHOISEUL 100 Africa’s Economic Leaders Award, celebrating his outstanding role in shaping Africa’s economic and energy landscape and affirming his position as a key figure in Africa’s development story.
An Illustrious Career Dedicated to Energy Advancement
With over 16 years of experience across the natural gas and power value chains, Williams’ career includes roles such as Consultant on the Energy desk at Deloitte Nigeria and leading Commercial Advisor at the Nigerian Gas Company Limited. His academic credentials include a Master of Business Administration from the University of Bradford School of Management (UK), and he is a Project Management Professional, Chartered Management Accountant, and Fellow of the Institute of Management Consultants. Williams is also a member of several professional bodies, including the International Bar Association (IBA), Chartered Institute of Taxation (CITN), and the Institute of Arbitrators (UK).
Driving Sustainable Energy Solutions
Tetracore Energy, under Williams’ leadership, has significantly expanded its natural gas portfolio in alignment with Nigeria’s ‘Decade of Gas’ initiative and the country’s Energy Transition Plan (ETP). The company’s focus on projects that impact industrialization and energy access includes a long-term contract to supply up to 40 MMScf/d of gas to the Rongtai Industrial Park in Edo State and 60 MMScf/d of natural gas to the Niger Delta Power Holding Company (NDPHC), supporting 34% of electricity generation to the Nigerian grid.
A Legacy of Excellence
Olakunle Williams’ recognition as the Vanguard Energy Icon 2025 is a testament to his unwavering dedication to excellence, innovation, and sustainable development in Africa’s energy sector. His recognition as a CHOISEUL 100 Africa’s Economic Leader and BusinessDay’s Innovative Sustainable Energy Provider of the Year further solidify his position as one of Africa’s most influential figures in the sector. Williams’ leadership continues to inspire and drive progress, earning him a reputation as the “Tiger of the Energy Sector” in Africa. The Vanguard Recognition/Vanguard Award further solidifies his legacy as a transformative and visionary force in shaping Africa’s energy future.
Related
Business
APPRECIATING TINUBU’S PENCHANT FOR EXCELLENCE IN BUDGETING
Published
3 days agoon
April 11, 2025
*APPRECIATING TINUBU’S PENCHANT FOR EXCELLENCE IN BUDGETING*
By Okanga Agila
The Budget Office of the Federal Republic of Nigeria operates under the guidance of the Federal Ministry of Finance and Economic Planning. Over the years, the Office has witnessed numerous leadership transitions—often abrupt and inconsistent—leading to underperformance, infrastructural decay, and an erosion of professionalism. Leadership struggles and industrial unrest were further compounded by partisanship and blatant disregard for established procedures. Staff postings were dictated more by personal preferences than institutional needs, resulting in a disoriented system that drifted far from its mandate.
At its lowest point, the Budget Office had deviated from being a cornerstone of national development to a platform marred by inefficiency and weakened leadership. It became symbolic of bureaucratic lethargy and a conduit for underwhelming outcomes.
This dismal trajectory began to reverse when President Bola Ahmed Tinubu, known for his knack for spotting talent and assigning responsibilities to the most capable hands, appointed Tanimu Yakubu as Director-General of the Budget Office of the Federation. A respected economist and former Chief Economic Adviser to President Umaru Musa Yar’Adua, Yakubu brought to the role the intellectual depth and administrative acumen needed to drive transformational change.
Under his leadership, the country has witnessed a marked turnaround in budgetary performance. Sound economic reforms and a focus on sustainable growth have contributed to stabilizing an ailing economy. A significant part of this transformation is attributable to a restructured and inclusive budgetary process that emphasizes team spirit, delivery, and responsiveness to the needs of citizens.
Yakubu has streamlined the budget planning and allocation system, ensuring that national resources are channelled toward addressing real economic gaps. His approach is both focused and people-centred, leading to strategic outcomes such as a reduction in inflation—from 34% to 15% in 2025—and a steady improvement in economic indicators.
Among his most notable innovations is the enhanced monitoring of projects, supported by the engagement of consultants to ensure cost-effective and durable implementation. These measures have built investor confidence and encouraged both local and foreign investments.
His reform agenda also includes a redefinition of agricultural investment. By opening up previously untapped opportunities and portfolios, food security has been bolstered through widespread bumper harvests, contributing to the reduction of food-related inflation.
The Budget Office, under Yakubu’s direction, has adopted policies that prioritize poverty alleviation and disaster response. Strategic reallocations—such as N120 billion earmarked for flood mitigation and support to public hospitals—have ensured that underserved populations gain access to life-saving medicines, including for conditions like tuberculosis and HIV.
Furthermore, Yakubu’s organizational restructuring of the Budget Office has significantly improved staff performance and internal coordination. His strategic foresight in identifying inflationary triggers and implementing countermeasures has helped stabilize the economy. Today, Nigeria not only enjoys steady revenue growth and increased foreign reserves (now exceeding $42 billion) but has also surpassed its oil production targets—reaching over 2.6 million barrels per day, with an initial boost of 130,000 barrels per day.
A distinguished alumnus of Wagner College, Yakubu anchors his policy direction on promoting fiscal sustainability, transparency, and accountability in public finance management. He is widely recognized for his results-driven, inclusive leadership style that inspires and empowers staff across the Office’s six operational departments and seven units. This collaborative environment has led to impressive improvements in the functions of departments such as Revenue/Fiscal Policy, Social and Economic Expenditure, Budget Monitoring and Evaluation, Human Resource Management, and Finance and Accounts.
By fostering interdepartmental synergy, Yakubu has achieved a high-performance culture. His strong communication skills and motivational leadership have unified the workforce, enhancing productivity and accountability at all levels.
Yakubu’s crowning achievements include the development of a forward-looking economic blueprint aligned with the government’s development priorities and the establishment of a state-of-the-art ICT Centre at the Budget Office. His commitment to staff welfare, transparent monitoring systems, and project tracking has ensured a more efficient and impactful budget performance across Ministries, Departments, and Agencies.
Indeed, Tanimu Yakubu stands as a clear testament to President Tinubu’s commitment to excellence and meritocracy. His appointment has brought about a necessary transformation in the Budget Office, catalyzing economic stabilization and laying a firm foundation for national development and prosperity.
Okanga writes from Agila, Benue State.
Related
Trending
-
Business6 months ago
Comprehensive Media Audit Shows Flutterwave, MTN Nigeria, and Bolt Outpacing Competitors in Media Engagement
-
celebrity radar - gossips6 months ago
How Deji Adeyanju Secured The Release Of Speed Darlington
-
Politics6 months ago
My best is yet to come’ As Ambassador Adesina ‘Lanre Ogunsola affirmed at the APC APEX body, Obafemi Owode Local Government
-
Entertainment4 months ago
Aliu Gafar delivers stellar performance as Esusu in Femi Adebayo’s Seven Doors