First Bank Plc Appoints Olusegun Alebiosu as Acting CEO

First Bank of Nigeria Holdings (FBNH) recently appointed Mr. Olusegun Alebiosu as its acting CEO.

The announcement was made public on Sunday evening after the bank confirmed Alebiosu's appointment in a notice sent to the Nigerian Exchange Limited and the investing public.

Alebiosu was appointed to replace Dr. Adesola Adeduntan, who resigned as the 130-year-old financial institution's managing director/CEO on Saturday.

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His appointment followed the exit of Adesola Adeduntan, who resigned on Saturday quickly after giving notice about eight (8) months before now. He served as the CEO/MD for nine years and led the bank to transformative growth during this period. Adeduntan's tenure is expected to end on December 31, 2024, but he decided to exit to "pursue other interests," as stated in his letter.

It reads,

"As you are aware, my contract would expire on December 31, 2024, after which I would no longer be eligible for employment within the bank, having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years.

"During this period, the bank and its subsidiaries have undergone significant transformations and achieved remarkable milestones. We have successfully repositioned the institution as a leading financial powerhouse in Africa. However, I have decided to retire effective April 20, 2024, to pursue other interests.

"I am eternally grateful to the board of directors of FirstBank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continued success and progress as we move into the next phase of its evolution. Warm regards."

The Board of Directors of FBNH has expressed gratitude to Adeduntan for his exemplary leadership in the last nine years, during which he supervised the transformation and growth of the bank, and wished him well in his future endeavours.

However, Mr. Olusegun Alebiosu's appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.

He joined First Bank in 2016 with over three decades of banking experience.

He served as the Executive Director/Chief Risk Officer and was part of First Bank's transformation for eight years. He was also part of the integral team under the previous CEO.

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Mr Olusegun Alebiosu was appointed the Executive Director, Chief Risk Officer, and Executive Compliance Officer in January 2022. Before this appointment, he was the Group Executive/ Chief Risk Officer, a position he held since 2016.

A report stated that he brings to the Executive Management of First Bank over 28 years of experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping), and Project financing.

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Mr Olusegun Alebiosu began his professional career in 1991 with Oceanic Bank Plc, now EcoBank Plc. He also served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group, and Group Head, Credit Policy, and deputy Chief Credit Risk Officer at United Bank for Africa Plc before joining First Bank in 2016.

He is an alumnus of Harvard School of Government, where he obtained a bachelor's degree in Industrial Relations and Personnel Management. He also earned a master's degree in International Law and Diplomacy from the University of Lagos. He holds a master's degree in Development Studies from the London School of Economics and Political Science.

He is a member of various professional bodies, namely, Fellow, Institute of Chartered Accountants (FCA), the Nigeria Institute of Management (ANIM), the Chartered Institute of Bankers of Nigeria (CIBN), and the Nigeria Institute of International Affairs.

The notice FBN Holdings sent to the NGX can be seen below,

NOTIFICATION OF APPOINTMENT OF OLUSEGUN ALEBIOSU AS ACTING CEO OF FIRST BANK OF NIGERIA, A SUBSIDIARY OF FBN HOLDINGS PLC

In accordance with Rulebook of The Exchange (Issuers' Rules), we hereby notify Nigerian Exchange Limited and the investing public of the appointment of Mr. Olusegun Alebiosu as the Acting Chief Executive Officer of our flagship subsidiary, First Bank of Nigeria Limited ("FirstBank").

Following the resignation of First Bank's Managing Director/CEO, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu as acting CEO of the 130-year-old institution.

The appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.

Alebiosu, who, as Executive Director / Chief Risk Officer, jointly led the transformation of FirstBank over the past 8 years as an integral team member under the previous CEO's leadership, is well-placed to deliver on the bank's strategic objectives. Alebiosu joined FirstBank in 2016 and has over three decades of banking experience.

The Board of Directors expressed gratitude to Adeduntan for his exemplary leadership in the last nine years, during which he oversaw the bank's transformation and growth, and wished him well in his future endeavors.