First Bank Confirms Olusegun Alebiosu as Substantive Chief Executive Officer

After months in office, First Bank of Nigeria Limited has confirmed the appointment of Olusegun Alebiosu as its Managing Director and Chief Executive Officer.

The bank’s secretary, Adewale Arogundade, disclosed this in a recent notice while briefing the Nigerian Stock Exchange Group on the latest developments at the bank.

Arogundade, however, said the appointment of Alebios required the approval of the Central Bank of Nigeria (CBN).

Prior to Alebiosu’s new appointment, he had been acting managing director of the bank since April 2024, when previous managing director Adesola Adeduntan resigned from his position.

First Bank also announced the appointment of Ini Ebong as deputy managing director and Alao Olatunde-Olaif as non-executive director. Both appointments are also subject to approval by the apex bank.

Since January 2022, Ini has been the bank’s executive director responsible for treasury and international banking.

Alebiosu previously held positions including Chief Executive Officer of the bank, Chief Risk Officer, Chief Compliance Officer and Group Chief Executive Officer/Chief Risk Officer.

The new managing director has over 28 years of experience in the banking and financial services sector, with exposure to multiple functions: credit risk management, financial planning and control, credit and marketing, trading, corporate and commercial banking, agricultural finance, oil and gas, transport ( including aviation and shipping) and project financing.

Ebong was previously the bank’s executive director of treasury and international banking. He brings over 20 years of banking experience to the Management Board of First Bank.

Olatunde-Olaifa, current CFO of the Leadway Holdings group, has many years of experience in corporate finance, including: capital raising, debt restructuring, acquisition planning, project financing and asset management.

First Bank of Nigeria and its parent company FBN Holdings have undergone significant leadership changes in 2024, starting in January when billionaire Femi Otedola was appointed chairman of FBN Holdings.

Following Otedola’s appointment, the group on March 20 announced the appointment of new non-executive directors (NEDs), including three new NEDs for First Bank of Nigeria. The new NEDs for First Bank were Remilekun Odunlami, Anil Dua and Fatima Ibrahim Ali.

Subsequently, on April 20, 2024, the Chief Executive Officer of First Bank of Nigeria, Adesola Adeduntan, resigned after nine years in charge of the bank and the next day, April 21, Olusegun Alebiosu was appointed as the Acting Managing Director of the bank.