BREAKING! First Bank Names Olusegun Alebiosu as Acting CEO to Strengthen Leadership

First Bank Names Olusegun Alebiosu as Acting CEO to Strengthen Leadership

Mr. Olusegun Alebiosu has emerged as the Acting Chief Executive Officer of First Bank of Nigeria Limited, effective immediately.

This follows the resignation, last Friday, of Dr. Adesola Adeduntan, who has served as the Managing Director/CEO of the bank for nine years.

The appointment also comes on the heels of the emergence of billionaire business mogul, Femi Otedola, as Chairman of FBN Holdings, the parent company of the institution in January.

The development was made official in a notice to the Nigerian Exchange Limited and the investing public, in accordance with The Exchange’s Issuers’ Rules.

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Mr. Alebiosu, who previously held the position of Executive Director and Chief Risk Officer at FirstBank, has been pivotal in spearheading the bank’s transformation strategies over the past eight years.

His tenure at FirstBank began in 2016, and he brings over three decades of extensive banking experience, with a strong background in risk management, compliance, and corporate banking.

The board’s decision to appoint Mr. Alebiosu underscores his deep involvement and proven track record within the bank under the leadership of previous CEOs.

His broad experience includes significant roles such as Chief Risk Officer at Coronation Merchant Bank Limited and Chief Credit Risk Officer at the African Development Bank Group. Before joining FirstBank, he served in key capacities at United Bank for Africa Plc and started his career at Oceanic Bank Plc (now Ecobank Plc) in 1991.

Segun is an alumnus of Harvard School of Government and holds a bachelor’s degree in Industrial Relations and Personnel Management. He also obtained a master’s degree in International Law and Diplomacy from the University of Lagos and 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), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.

Alebiosu’s appointment is subject to approval from the Yemi-Cardoso led Central Bank of Nigeria, signaling a new chapter for the 130-year-old financial institution as it continues to navigate the evolving banking landscape.

Sources told THECONSCIENCEng that the new development are not unconnected with an ongoing battle for the soul of the financial group among some gladiators including Mr Otedola, chairman of Geregu Power Plc, who became a non-executive director of FBN Holdings on 14 August 2023 months after he acquired a substantial stake in First Bank, and later emerged chairman in January 2024.

Mr Otedola succeeded Ahmad Abdullahi who was appointed chair of the Holdco on 17 December 2021.

Itedola is the financial institution’s biggest and only substantial shareholder, holding a 5.6 per cent stake.