First Bank: Alebiosu In, Adeduntan Out As CEO

FBN Holdings Plc has announced the appointment of Olusegun Alebiosu as the acting managing director of First Bank of Nigeria.

Alebiosu was the chief Risk Officer, CRO, of the nation’s premier bank before his current appointment as managing director and chief executive officer.

His elevation brings to end the tenure of Kazeem Adeduntan whose departure from the position is with immediate effect, according to the notification sent to the Nigeria Exchange Limited, NGX, on Sunday by the FBNH, the parent company of the commercial bank.

FBNH holdings said in the notice: “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 the Managing Director/CEO of FirstBank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu 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 member of the team 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 superintended the transformation and growth of the Bank and wish him well in his future endeavors.”

Major things you need to know about Alebiosu

He is a chartered account with over 20 years in the nation’s financial sector, with a Master of Science degree in Development Studies from the London School of Economics.

The new chief executive is also an alumnus of Harvard Kennedy School of Governance; an associate of the Nigeria Institute of Management, member Chartered Institute of Bankers of Nigeria, CIBN and the Nigeria Institute of International Affairs, NIIA.