Adesola Kazeem Adeduntan

Dr. Adesola Kazeem Adeduntan FCA, FCIB (born 7 May 1969) is a Nigerian banker, accountant and business executive whose career has centred on building and restructuring major financial institutions across Africa. He served as Group Chief Executive Officer of First Bank of Nigeria Limited from 2016 to 2024 the longest-serving chief executive in the modern history of Nigeria's oldest commercial bank, where he led a balance-sheet restructuring and digital-banking transformation credited with reducing the bank's non-performing loan ratio from a peak above 24 per cent to single digits and growing its digital customer base more than fourfold. He was previously pioneer Chief Financial Officer and Business Manager of the Africa Finance Corporation (2007–2014), where he helped establish the finance and treasury architecture of what has since become one of Africa's highest-rated investment-grade development finance institutions. Earlier in his career he held senior finance roles at Citibank Nigeria and KPMG (formerly Arthur Andersen). Since leaving FirstBank in 2024, Adeduntan has founded Sequoia Financial Services Limited, an advisory and investment platform, and serves as Pro-Chancellor and Chairman of the Governing Council of Abiola Ajimobi Technical University, Ibadan. In 2026 he was named by the Alaafin of Oyo to hold the traditional title of Balogun of Oyo, succeeding the late Dr Victor Omololu Olunloyo; his installation was postponed following a security crisis in Oyo State. He also holds the traditional title of Apesinola of Ibadanland

Early life and education Adeduntan was born in Ibadan, Oyo State, into the Oriolowo family. He earned a Doctor of Veterinary Medicine (DVM) from the University of Ibadan in 1992, before moving into accounting and finance. He holds an MBA from Cranfield University in 2005, where he was a British Chevening Scholar, and was later named a Cranfield School of Management Distinguished Alumnus in 2020 and awarded an honorary Doctorate of Science in 2022. He has completed executive education at Harvard Business School, Stanford University and the Wharton School. He is a Fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria.

Career

KPMG (1995 – 2005)

Adeduntan began his career at KPMG (formerly Arthur Andersen) in 1995, where he rose to the position of Senior Manager in the Financial Services division. He worked on projects related to strategy, audit, mergers & acquisitions, and process improvement for several large Nigerian banks.

Citibank (2005 – 2007)

He served as Senior Vice-President & Chief Financial Officer at Citibank Nigeria between 2005 and 2007. His role included overseeing the recapitalization of the bank to meet regulatory capital requirements and managing various financial aspects of the subsidiary.

African Finance Corporation (2007 – 2014)

Adeduntan was the Director, Chief Financial Officer & Business Manager at the African Finance Corporation (AFC) from 2007 to 2014. He was responsible for the finance and treasury division and played a role in raising funds for the corporation during his tenure.

FirstBank Group (2014 – 2024)

Adeduntan joined First Bank of Nigeria in 2014 as Executive Director/Group Chief Financial Officer before becoming CEO in 2016. His leadership focused on improving the bank's operational efficiency, expanding its digital banking services, and restructuring its balance sheet. He also contributed to the bank’s international expansion, with First Bank operating in several African countries, the UK, and China.

Under his leadership, First Bank implemented various digital initiatives, which included growing its digital customer base and expanding its agency banking network. He is also credited with overseeing efforts to reduce the bank’s Non-Performing Loans (NPLs) and improve its profitability.

Appointment as Pro-Chancellor and Chairman, Technical University, Ibadan

Board, Memberships and Associations

Adeduntan has served on the boards of various organizations, including:

Chartered Institute of Bankers of Nigeria Nigeria Inter-Bank Settlement System Plc (NIBSS) Shared Agent Network Expansion Facilities (SANEF) Limited Lagos State Security Trust Fund Nigerian Economic Summit Group Africa Finance Corporation (AFC) FirstBank UK Ltd. FMDQ OTC Securities Exchange Sigma Educational Foundation

He is also a member of the Bretton Woods Committee, a nonpartisan network of individuals advocating for international economic cooperation.

Awards and recognition Adeduntan has received several awards throughout his career, including recognition from Global Finance Magazine, World Finance, Leadership Newspaper, and The Banker. His work in digital banking and retail banking has earned him awards in multiple categories, including Best Bank and Bank of the Year in various years. He has also received several honorary awards for his contributions to banking and economic development. Below is a timeline of major awards: + Major Awards Received by the Bank Year Award Awarding Body 2016 Best Bank in Nigeria Global Finance Magazine 2016 Best Private Bank World Finance 2016 Digital Bank of Distinction Global Finance Magazine 2017 Best Private Bank Nigeria World Finance 2017 Most Innovative Bank Nigeria International Finance Magazine 2018 Best Mobile Banking App Nigeria Global Business Outlook Awards 2018 Most Innovative Bank in Nigeria World Business Outlook Awards 2018 Bank of the Decade Business Journal 2019 Bank of the Year Nigeria International Investor 2019 Best Mobile Banking App Nigeria Global Business Outlook 2020 Best Digital Bank in Nigeria Digital Banker Africa 2020 Best Private Bank in Nigeria Global Finance 2021 Best Banking Brand Nigeria Global Brand Award 2021 Best Core Banking Implementation in Africa Asian Banker Awards 2022 Retail Banking CEO of the Year World Business Outlook 2022 Best Commercial Bank Executive Capital Finance International 2022 Best Corporate Bank in Nigeria Euromoney 2022 Best Corporate Bank in West Africa Bankers Award 2023 African Bank of the Year Africa Leadership Magazine 2023 Financial Institution of the Year Afrexim Bank 2023 Best Private Bank in Nigeria World Finance 2023 Best Corporate Bank in Nigeria Euromoney

Personal life Adesola Adeduntan is married with children.