BREAKING: First Bank appoints Olusegun Alebiosu as acting CEO, effective immediately

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

This development follows the resignation of Dr. Adesola Adeduntan, who has served as the Managing Director/CEO of the bank.

The announcement was made official through a notification to the Nigerian Exchange Limited and the investing public, adhering to the Issuers’ Rules of The Exchange.

What we know

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.
• FirstBank expressed its deep gratitude to Dr. Adeduntan for his leadership and contributions, especially noting his role in overseeing the bank’s growth and transformation during his nine-year tenure.

As Mr. Alebiosu steps into his new role, his appointment is pending approval from the Central Bank of Nigeria, signaling a new chapter for the 130-year-old financial institution as it continues to navigate the evolving banking landscape.