Adesola Adeduntan, the former Chief Executive Officer of FirstBank, has launched a new financial services firm, Sequoia Financial Services Limited, marking his first major move after stepping down from the bank.
His decision to establish the company comes months after his abrupt resignation from FirstBank in April 2024, despite being scheduled to serve until December 31, 2024.
The seasoned banker, who led FirstBank for nine years, now embarks on a new entrepreneurial journey, leveraging his decades of experience in banking, corporate finance, and risk management.
While details about Sequoia Financial Services remain scarce, the launch signals Adeduntan’s continued involvement in the financial sector.
What he is saying
Announcing the launch of his new venture on LinkedIn, Adeduntan expressed excitement about the transition, stating:
“I am happy to share that I am starting a new role as President and Founder of Sequoia Financial Services Limited.”
- With a distinguished career spanning multiple financial institutions, Adeduntan is likely leveraging on his experience and network to launch this new company. Before his tenure as FirstBank CEO, he served as Executive Director and CFO of the bank.
- He was also the pioneer Chief Financial Officer/Business Manager at Africa Finance Corporation (AFC) and held senior roles at Citibank Nigeria, KPMG Professional Services, and Arthur Andersen Nigeria.
Beyond banking, he is actively engaged in corporate governance and social impact initiatives, serving on the Steering Committee of CACOVID and the Board of the Lagos State Security Trust Fund.
About Sequoia Financial Services
Sequoia Financial Services is expected to focus on financial advisory, investment management, and strategic consulting for businesses and high-net-worth individuals. While specific details about its operations remain undisclosed, the company is likely to leverage Adeduntan’s extensive experience in banking and corporate finance.
- Sources suggest to Nairametrics that Sequoia could provide services ranging from wealth management and financial structuring to capital advisory for businesses navigating Nigeria’s complex financial landscape.
- Given Adeduntan’s background in risk management and financial strategy, the firm may position itself as a premium advisory firm targeting corporate clients, financial institutions, and investors.
With a growing number of ex-bank CEOs venturing into private financial services, Sequoia enters a competitive but lucrative space, where industry veterans leverage their network and expertise to offer bespoke financial solutions.
What you should know
Adeduntan’s exit from FirstBank in April 2024 was seen as controversial, given that his tenure was initially set to end in December 2024.
- His resignation came just three months after billionaire businessman Femi Otedola was appointed Chairman of the Board of FBN Holdings Plc on January 31, 2024.
- Although no official reason was given for his early departure, reliable sources suggest it was influenced by disagreements with Otedola over his management and strategic direction of the bank.
- Shortly after his exit, FirstBank appointed Olusegun Alebiosu as the new CEO.
- In November 2024, the bank hosted a send-forth event for Adeduntan at Harbour Point Event Centre in Lagos, attended by key figures from Nigeria’s financial and business sectors.
However, sources informed Nairametrics that the event was heavily criticized by FBN Holdings Chairman, Femi Otedola, who saw it as frivolous and unnecessary.
According to insiders, Otedola viewed the grand event as wasteful, prompting his call for mass resignations within the bank in response to what he perceived as excessive spending and misplaced priorities.
