Gbenga Shobo has exited his role as the Deputy Managing Director of First Bank of Nigeria (FBN), the financial institution has disclosed.
Shobo joined First Bank’s board in 2012. Prior to his appointment as Deputy Managing Director, he was the Executive Director overseeing the Retail Banking/Public Sector businesses in the Lagos & West Directorate.
The banker also served as the Executive Director overseeing the Retail Business in the South Directorate.
However, his tenure as the Deputy Managing Director of First Bank ended on February 27, 2023, a corporate document obtained by Ripples Nigeria on Tuesday showed.
The document addressing First Bank shareholders and the investing public was dated March 6, 2023. It stated that Shobo retired effectively last week Monday, as he nears the mandatory retirement age of 60 on June 2, 2023.
Aside from the retirement age forcing his exit, First Bank also revealed that Shobo vacated his position due to the new tenure of directors set by the Central Bank of Nigeria (CBN).
“The Board accepted the Notice of Retirement of the Deputy Managing Director, Mr. Gbenga Shobo effective February 27, 2023.
“The retirement comes ahead of Gbenga attaining the mandatory retirement age of 60 on June 2, 2023, and in compliance with a recent directive of the Central Bank of Nigeria (CBN) on Tenure of Directors, via a Circular dated February 24, 2023, to Deposit Money Banks (DMB).
