By Abiola Olawale
First Bank has announced the appointment of Mr. Olusegun Alebiosu as the Acting Managing Director.
He replaces Adesola Adeduntan, who resigned at the weekend, 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.
It would be recalled that the position of the CEO became vacant after Adeduntan had on Saturday served a notice of retirement on the bank, saying he was stepping down with effect from April 20.
In his notice of retirement, Adeduntan wrote to the Chairman of the bank’s board, Tunde Hassan-Odukale, “As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years.
“During this period the Bank and its subsidiaries have undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.
I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.
“I am eternally grateful to the board of directors of FirstBank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continued success and progress as we move into the next phase of its evolution.”
While the real reason for his sudden departure remains unknown, First Bank has had a policy by which Managing Directors of the bank were allowed only two terms of three years each. Adeduntan would have been the first CEO to last three full terms on the job.
A source who knows the matter said the Central Bank of Nigeria under the leadership of Governor Olayemi Cardoso had written to the First Bank over some leadership issues.
Adeduntan was said to have allegedly won a third term as the MD/CEO of First Bank through the help of the former CBN Governor, Godwin Emefiele.
It would be recalled that on April 28, 2021, former directors at a board meeting of the bank had voted for Adeduntan to be retired as his second term was to expire but he regained his position after the board was sacked by Emefiele.
Following the investigations launched by the CBN under the leadership of Cardoso, the source said Adeduntan reportedly ended this third term which expires in eight months to save his face.
