Former CEO of FirstBank of Nigeria, Adesola Adeduntan, has announced the launch of his company, Sequoia Financial Services Limited, a new financial advisory and strategic consulting firm which according to him, is poised to leverage cutting-edge technology to reshape Nigeria’s financial landscape.
The move marks Adeduntan’s first major venture since his abrupt resignation from FirstBank in April 2024.
Announcing the launch on LinkedIn, Adeduntan also revealed his role as President and Founder of Sequoia Financial Services, signaling his intent to merge decades of traditional banking expertise with modern fintech strategies.
While specifics about the firm remain under wraps, it is widely believed that the firm will focus on digital wealth management, AI-driven financial advisory services, and tech-enabled capital solutions tailored for corporations, institutions, and high-net-worth clients.
Adeduntan’s career spans leadership roles at Citibank Nigeria, Africa Finance Corporation (AFC), and KPMG, where he honed expertise in risk management, corporate finance, and digital transformation—a skillset likely to anchor Sequoia’s approach.
But hey! Sequoia will be entering a competitive yet rapidly growing fintech market where ex-banking executives are increasingly launching firms to address gaps in Nigeria’s financial sector. With over $1.2 billion invested in African fintech in 2024, Adeduntan’s firm aims to capitalize on the growing demand for agile, tech-first solutions.
The firm’s launch also follows Adeduntan’s controversial exit from FirstBank, which sources have attributed to clashes with FBN Holdings Chairman Femi Otedola over the bank’s digital transformation pace. Adeduntan’s resignation from FirstBank in April 2024—eight months before his scheduled departure—sparked industry speculation, particularly after Otedola reportedly criticized a lavish send-forth event hosted for him.
While FirstBank recently doubled down on legacy services, Adeduntan’s new venture appears to position him as a disruptor advocating for tech-driven financial innovation. But away from the drama, Adeduntan’s reputation as an architect of FirstBank’s digital banking expansion (including its USSD platform and mobile app) lends credibility to Sequoia’s potential.
While Sequoia has yet to disclose its full suite of services, Adeduntan’s LinkedIn post emphasized a mission to “empower businesses and individuals through smart, scalable financial solutions.”
The firm is expected to officially unveil its platform in the second quarter of this year, with a focus on integrating machine learning and blockchain to enhance transparency and efficiency.
Adeduntan’s pivot highlights a broader trend of traditional finance leaders embracing technology to drive inclusion and innovation. With Sequoia, he joins a wave of African entrepreneurs determined to redefine financial services for the digital age.
Philips Babatunde