Adesola Adeduntan Launches Sequoia Financial Services Following FirstBank Departure
Adesola Adeduntan, the former Chief Executive Officer of FirstBank, has officially launched a new financial services firm, Sequoia Financial Services Limited. This marks his first significant venture after resigning from the bank. Adeduntan’s decision to create Sequoia comes mere months after his abrupt exit from FirstBank in April 2024, despite an initial commitment to remain in his role until December 31 of that year.
Having led FirstBank for nearly a decade, Adeduntan is now embarking on an entrepreneurial path, drawing upon his extensive background in banking, corporate finance, and risk management.
In a recent LinkedIn announcement, Adeduntan shared his enthusiasm for this new chapter, stating, “I am happy to share that I am starting a new role as President and Founder of Sequoia Financial Services Limited.”
Adeduntan brings a wealth of experience from his distinguished career across various financial institutions. Prior to his role as CEO of FirstBank, he served as the Executive Director and CFO of the same bank. His earlier experience includes being the pioneer Chief Financial Officer/Business Manager at Africa Finance Corporation (AFC) and holding senior positions at Citibank Nigeria, KPMG Professional Services, and Arthur Andersen Nigeria. In addition to his banking career, Adeduntan is active in corporate governance and social initiatives, sitting on the Steering Committee of CACOVID and the Board of the Lagos State Security Trust Fund.
Sequoia Financial Services is set to specialize in financial advisory, investment management, and strategic consulting aimed at businesses and high-net-worth individuals. While specifics about its operational framework are still under wraps, the firm is anticipated to leverage Adeduntan’s vast expertise in banking and corporate finance. Sources suggest that Sequoia may offer a wide range of services, including wealth management, financial structuring, and capital advisory, particularly for businesses navigating Nigeria’s intricate financial environment.
With Adeduntan’s strong background in risk management and finance, the firm is likely to position itself as a premium advisory service targeting corporate clients, financial institutions, and individual investors. The financial landscape has seen a growing trend of former bank executives launching private financial services, indicating that Sequoia is entering a competitive yet promising sector where seasoned professionals can provide tailored financial solutions.
Notably, Adeduntan’s resignation from FirstBank was considered controversial, as his tenure was initially expected to last until December 2024. His departure occurred shortly after billionaire businessman Femi Otedola took over as Chairman of the Board of FBN Holdings Plc on January 31, 2024. Although no official explanation for his early resignation was disclosed, credible sources indicate that it stemmed from disagreements between Adeduntan and Otedola over the bank’s management and strategic direction.
Following his exit, FirstBank appointed Olusegun Alebiosu as the new CEO. In November 2024, the bank held a send-off event for Adeduntan at Harbour Point Event Centre in Lagos, which saw attendance from prominent figures in Nigeria’s financial and business sectors. However, this event faced criticism from Otedola, who deemed it frivolous and unnecessary, viewing the expenditure as wasteful and prompting him to call for mass resignations within the bank due to what he perceived as misplaced priorities.
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