By Abiola Olawale
First Bank of Nigeria Limited has officially announced the appointment of Olusegun Alebiosu as the substantive Managing Director/Chief Executive Officer (MD/CEO) of the bank.
The bank made this known in a notice issued by its secretary, Adewale Arogundade and addressed to the Nigerian Exchange Group.
In the notice, Arogundade informed the Nigerian Exchange Group of the First Bank’s decision to promote Alebiosu from acting MD/CEO to a substantive position.
First bank also noted that Alebiosu is subject to the approval of the Central Bank of Nigeria (CBN).
Before his new appointment, Alebiosu had been acting as Managing Director of the bank since April 2024, when the former MD, Adesola Adeduntan, resigned.
First Bank also announced the appointment of Ini Ebong as the Deputy Managing Director (DMD) and Alao Olatunde-Olaifa as Non-Executive Director. Both appointments are also subject to the approval of the apex bank.
The New Diplomat reports that Alebiosu had been initially appointed as the Acting Managing Director after Adesola Adeduntan, resigned eight months before his December 31, 2024, scheduled retirement.
Alebiosu was until this appointment, Executive Director, Chief Risk Officer, and Executive Compliance Officer.
According to his profile on the website of the bank, Alebiosu was appointed executive director, chief risk officer, and executive compliance officer in January 2022. Before that appointment, he served as the lender’s Group Executive/ Chief Risk Officer, a position he held since 2016.
Alebiosu brings to the position close to 30 years of 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, his profile on the First Bank website indicated.
Alebiosu commenced his professional career in 1991 with Oceanic Bank Plc. (now EcoBank Plc.) and before 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.
Alebiosu is an alumnus of the 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.
