Alaafin of Oyo, His Imperial Majesty, Oba Abimbola Akeem Owoade I, has fixed Saturday, September 5, 2026, for the installation of Ibadan-born banking icon and former FirstBank Group Chief Executive Officer, Dr. Adesola Kazeem Adeduntan, as the Balogun of Oyo.The ceremony, which had earlier been scheduled for July, was postponed following the abduction of pupils and teachers in Oriire Local Government Area of Oyo State.
With the new date now announced, preparations have resumed for what is expected to be a major gathering of traditional rulers, political leaders, captains of industry, bankers, academics, professionals, family members and associates of the former FirstBank boss.
According to the invitation for the ceremony, the installation will take place at the Palace of the Alaafin of Oyo, Oyo, Oyo State, with guests expected to appear in wine and gold colours.
Adeduntan’s emergence as Balogun of Oyo places one of Nigeria’s most accomplished banking executives within the traditional institution of the ancient Oyo kingdom.
It also marks a remarkable homecoming for a man whose career has taken him from Ibadan to the highest levels of Nigeria’s financial services industry and beyond.
Adeduntan, the former FirstBank chief, was born in Ibadan and initially trained as a veterinary doctor at the University of Ibadan.
He obtained his Doctor of Veterinary Medicine degree in 1992 before making a dramatic career transition into banking and finance.
Adeduntan later earned an MBA from Cranfield University in the United Kingdom as a British Chevening Scholar.
His professional journey took him through Afribank, Arthur Andersen, KPMG and Citibank Nigeria, where he rose to become Senior Vice-President and Chief Financial Officer.
He subsequently became Director and pioneer Chief Financial Officer/Business Manager of the Africa Finance Corporation, where he played a key role in major financial and institutional initiatives.
Among his notable achievements at AFC was his involvement in the development and execution of the corporation’s international credit rating strategy, which culminated in an A3 international credit rating from Moody’s.
Adeduntan returned to FirstBank in 2014 as Executive Director and Group Chief Financial Officer before becoming Managing Director/Chief Executive Officer in January 2016.
He remained at the helm until his retirement in April 2024, completing almost a decade in the institution’s top leadership position.
During his tenure, FirstBank pursued an aggressive digital banking strategy, expanded financial inclusion and strengthened its operations across Africa and the United Kingdom.
His leadership also focused on customer service, responsible banking, institutional transformation and the role of financial institutions in national development.
His tenure, however, was not without controversy.
In April 2021, Adeduntan was removed as FirstBank managing director by the bank’s board but reinstated the following day by the Central Bank of Nigeria, which also dissolved the boards of FBN Holdings and FirstBank amid corporate governance concerns.
Beyond the boardroom, Adeduntan has accumulated significant national and international recognition.
He was named African Banker of the Year in 2018 and inducted into the African Leadership Magazine CEOs Hall of Fame.
His other honours include the Forbes Best of Africa Outstanding Leader in Africa award, African Banking Personality of the Year, Banking Icon of the Decade and African Banking Leadership Legacy Award.
He has also received Distinguished Alumnus awards from the University of Ibadan and Cranfield University, as well as an honorary citizenship of the State of Georgia in the United States and a Congressional Commendation Award from the Georgia Senate.
Cranfield University named him its Distinguished Alumnus of the Year in 2020, recognising his extensive experience across commercial banking, investment banking, development finance, auditing, management and risk consulting.
Adeduntan is a Fellow of the Institute of Chartered Accountants of Nigeria and a Fellow of the Chartered Institute of Bankers of Nigeria.
He has also attended executive and leadership programmes at several leading global institutions, including Harvard Business School, Wharton, London Business School, Oxford, Cambridge, CEIBS and INSEAD.
Beyond banking, he has been involved in education, financial inclusion and social development initiatives. He has also supported educational causes, including benefactions to the University of Ibadan, and participated in private-sector initiatives during the COVID-19 pandemic.
His connection with Oyo State has remained strong.
In March 2025, Governor Seyi Makinde appointed Adeduntan Chairman of the Governing Council of Abiola Ajimobi Technical University, Ibadan, giving him another opportunity to deploy his corporate and institutional experience to the development of the state.
Beyond his corporate and public engagements, the forthcoming traditional honour adds a new dimension to his career.
The Balogun of Oyo title also carries considerable historical significance, having previously been held by the late Dr. Victor Omololu Olunloyo, mathematician, former Governor of Oyo State and one of the state’s distinguished intellectuals and public figures.
Reports on the proposed installation had earlier generated interest before the July ceremony was postponed following the Oriire abduction.
Adeduntan had indicated that the postponement was in deference to the painful circumstances surrounding the incident and the prolonged captivity of the victims.
With the installation now fixed for September 5, attention has shifted back to the historic palace as preparations gather momentum for the conferment.
For Adeduntan, the occasion will represent more than another honour in a career already decorated with professional and international recognition.
It will be a traditional recognition of an Oyo son whose journey has taken him from veterinary medicine to accounting, consulting, development finance and commercial banking, before extending into education, public service, philanthropy and politics.
On September 5, that journey will take another significant turn as Adeduntan returns to the historic palace of Oyo to assume the traditional mantle of Balogun of Oyo.
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