The Nigerian financial sector is witnessing a growing trend of former bank CEOs transitioning into private financial services, with ex-FirstBank Chief Executive Officer, Adesola Adeduntan, becoming the latest to make such a move. 

Adeduntan recently announced the launch of Sequoia Financial Services Limited, marking his first major venture since stepping down from FirstBank in April 2024.

His decision to establish Sequoia aligns with a broader shift in Nigeria’s financial industry, where seasoned banking executives leverage their extensive networks and expertise to build independent advisory firms. 

Over the past decade, high-profile banking veterans have moved into wealth management, investment consulting, and corporate financial structuring, targeting elite clients and businesses navigating the country’s complex financial landscape.

While details about Sequoia Financial Services remain scarce, industry insiders speculate that the firm will focus on financial advisory, investment management, and strategic consulting. 

Given Adeduntan’s background in risk management and corporate finance—shaped by leadership roles at FirstBank, Africa Finance Corporation, and Citibank Nigeria—his new venture is expected to cater to high-net-worth individuals, institutional investors, and corporate clients.

Adeduntan’s move comes at a time of heightened competition in Nigeria’s financial consulting sector, where former bank executives are capitalizing on their industry knowledge to offer specialized services.