Alebiosu, banking veteran, replaces Adeduntan as First Bank MD/CEO
Olusegun Alebiosu, acting managing director/CEO, First Bank Nigeria Limited
Onome Amuge
First Bank of Nigeria Limited has appointed Olusegun Alebiosu as its acting managing director with immediate effect, following the abrupt resignation of Adesola Adeduntan who had served as the managing director/CEO of the premier bank.
The bank informed the Nigerian Exchange Limited and the investing public of the development in a notification, signed by Adewale Arogundade, the acting company secretary Alebiosu, dated April 21, 2024.
The notification partly read: “In accordance with the 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 (“First Bank”).
“Following the resignation of the Managing Director of First Bank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Adebiosu 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 newly appointed acting managing director of First Bank, is no stranger to the dynamic inner workings of the bank, having served as a key player in its transformative journey over the past eight years.
According to FirstBank, Alebiosu was appointed the executive director, chief risk officer and executive compliance officer in January 2022. Prior to this appointment, he was the group executive/chief risk officer, a position he held since 2016.
Alebiosu, in his capacity as executive director and chief risk officer, had been instrumental in steering the bank through a period of strategic change, leveraging his keen insights and expertise to drive the bank towards a more innovative and competitive future.
Business a.m. gathered that Alebiosu brings to the executive management of FirstBank a treasure trove of experience spanning 28 years 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 financial banking, agriculture financing, oil and gas, transportation (including aviation and shipping) and project financing.
Prior to joining FirstBank in 2016, Alebiosu carved an illustrious career path through the halls of some of Africa’s most prestigious financial institutions. He commenced his professional career in 1991 with Oceanic Bank (now Ecobank Plc). He also served as chief risk officer at Coronation Merchant Bank Limited, chief credit risk officer at the African Development Bank Group, and group head of credit policy & deputy chief credit risk officer at United Bank for Africa Plc.
Adding to his remarkable resume, Alebiosu stands tall as a distinguished member of prominent professional bodies. He is a member of various professional bodies, including the Institute of Chartered Accountants (FCA), Nigeria Institute of Management (ANIM), and Chartered Institute of Bankers of Nigeria (CIBN).