First Bank of Nigeria Limited on Monday announced that its Chief Financial Officer and Executive Director, Dr. Adesola Adeduntan, would replace Mr. Bisi Onasanya as the Group Managing Director and Chief Executive Officer.

The announcement came on the heels of an earlier notice of Onasanya’s retirement as the GMD/CEO of the lender.

The development came along with major leadership changes at the bank’s parent company, FBN Holdings Plc.

In a statement, the group said the pioneer Group CEO of FBN Holdings, Mr. Bello Maccido, would be leaving his position to become the Chairman of the newly-licensed FBN Merchant Bank Limited.

The current Executive Director, South, First Bank of Nigeria, Mr. UK Eke, will replace Maccido as the Group Managing Director-designate, FBN Holdings Plc.

The bank noted that the leadership changes would become effective on January 1, 2016.

Other changes will see the current Chairman, First Bank of Nigeria, Prince Ajibola Afonja, retire and be succeeded by Mrs. Ibukun Awosika.

Announcing the other changes, the bank said in the statement, “Following a rigorous selection process driven by the Board and supported by Heidrick & Struggle, the internationally renowned executive search firm, Dr. Adesola Adeduntan, the current Executive Director/CFO emerged as the Managing Director-designate, First Bank of Nigeria Limited, while Mr. Gbenga Shobo, the current Executive Director, Lagos & West, emerged the Deputy Managing Director-designate.

“This comes on the heels of the group’s earlier notice of Mr. Bisi Onasanya’s retirement as GMD/CEO of the bank. These decisions have been ratified by the Board of Directors, subject to all necessary regulatory approvals and all take effect from January 1, 2016.”

As pioneer Group CEO of the FBN Holdings Group in very critical times, the statement said that Bello birthed the process of establishing the multi-faceted group to comply with diverse regulatory requirements, navigating through uncharted territory.

It added, “He will undoubtedly bring his wealth of experience, spanning over 30 years post call to Bar experience as an accomplished retail, corporate and investment banker, to bear in his new role chairing the Board of the emergent FBN Merchant Bank Limited.

“The incoming Group Managing Director, UK has over 30 years’ post experience in financial services, auditing, consulting, taxation, process engineering and capital market operations.

“Sola, the Managing Director-designate, has garnered diverse expertise in treasury and financial management, risk management, accounting, corporate governance and strategy development, advisory and compliance.”

The new DMD-designate, Gbenga, has a banking career spanning over 25 years with experience in corporate banking, institutional banking, commercial banking, retail banking and treasury, according to the statement.

In announcing the appointments, the Group Chairman, FBN Holdings, Dr. Oba Otudeko, said, “We are proud to announce these appointments. In reaching these decisions, we are mindful of the imperatives for a more efficient group structure that will benefit the group’s need to deploy systems, which deepen efficiency, while expanding revenue and returns on investment.

“We are confident that we have made the right choices in these appointees. In selecting our MD and DMD, we were particularly mindful to identify outstanding and top-notch professionals with complementary and mutually reinforcing skill set.

“These appointments are a testament to the strength of our succession planning mechanisms and the calibre of candidates it produces. It also re-articulates our commitment to put our customers first with the confidence in the value that this new leadership team brings to bear on behalf of the group, customers and employees, even as we strive to return greater value to shareholders.”