BREAKING: First Bank Appoints Olusegun Alebiosu As Acting Managing Director

First Bank of Nigeria Limited has appointed Olusegun Alebiosu as its new acting Managing Director starting April 2024, following Dr. Adesola Adeduntan’s resignation after a nine-year tenure.

This leadership transition is set to guide First Bank through its next phase of expansion amid intense competition in the financial sector.

First Bank of Nigeria Limited has announced the appointment of Olusegun Alebiosu as its new acting Managing Director, effective from April 2024.

VerseNews reports that the announcement was made in a statement released by the bank’s acting company secretary, Adewale Arogundade, and reported by PUNCH Online on Sunday.

The change in leadership follows the resignation of Dr. Adesola Adeduntan, who served as the managing director for nine years.

During his tenure, Adeduntan played a pivotal role in overseeing the bank’s operations and strategic direction across three terms.

His departure sets the stage for Alebiosu to take the helm and drive First Bank’s future expansion efforts, particularly at a time when the bank faces increasing competition in the financial sector.

The release stated that, “following the resignation of the managing director/CEO of FirstBank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu as the 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.”

The release stated that Alebiosu was until this appointment the executive director, chief risk officer and executive compliance officer since January 2022. Prior to that, he was the Group executive/ chief risk officer, a position he held since 2016.

“Alebiosu brings to the executive management of FirstBank over 28 years’ 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.”

It added that the new acting MD/CEO commenced his professional career in 1991 with Oceanic Bank Plc (now EcoBank) and prior to joining FirstBank in 2016 served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

“He 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,” the statement added.