First Bank of Nigeria Holdings Plc has announced Olusegun Alebiosu as the substantive Managing Director/Chief Executive Officer of its banking subsidiary, First Bank of Nigeria Limited.

In a statement on Wednesday, the holding company disclosed that the appointment was subject to Central Bank of Nigeria (CBN) approval.

Alebiosu has been Acting Managing Director of the bank since April 2024, when the former MD, Adesola Adeduntan, resigned as the CEO of the bank.

Also, the Acting Company Secretary, FBN Holdings, Adewale Arogundade, in a signed statement, announced the appointment of Ini Ebong as the Deputy Managing Director. Arogundade added that the appointment was also subject to CBN’s approval. Ini was the bank’s former Executive Director in charge of Treasury and International Banking.

Another appointment was that of Alao Olatunde-Olaifa as Non-Executive Director, and it is subject to apex banking regulating body approval.

Before acting as the MD of the bank, Alebiosu was an Executive Director with the bank, serving as the Chief Risk Officer and the Executive Compliance Officer of the bank since January 2022. He has been the Chief Risk Officer (CRO) since 2016.

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Before joining the apex bank as the CRO in 2016, he was the CRO at Coronation Merchant Bank. He was also the Chief Credit Risk Officer at the African Development Bank Group and was the Deputy Chief Credit Risk Officer at UBA. He began his professional career in 1991 with Oceanic Bank Plc (now Ecobank Plc).

In 2024, FBN and its parent company, FBN Holdings, underwent important leadership changes, which began in January with the appointment of Femi Otedola as Chairman of FBN Holdings. After his appointment, on March 20, the group announced the appointment of new Non-Executive Directors (NEDs), which include three new NEDs. The new NEDs were Remilekun Odunlami, Anil Dua, and Fatima Ibrahim Ali.

Then, on April 20, 2024, the CEO of FBN, Adesola Adeduntan, resigned after nine years in charge of the bank, and the following day, April 21, Olusegun Alebiosu was appointed as the Acting Managing Director of the bank. On May 9, 2024, Tunde Hassan-Odukale completed his tenure as the Chairman of FBN, with Ebenezer Olufowose replacing him.

The appointment of Alao-Olaifa as a NED takes the total number of NEDs in First Bank to nine.

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