First Bank of Nigeria Limited has appointed Olusegun Alebiosu as its substantive Managing Director/Chief Executive Officer.
He has been serving as the Acting Managing Director of the bank since April 2024, when the former MD, Adesola Adeduntan resigned his position as the MD/CEO of the bank.
The bank also announced the appointment of Ini Ebong as the Deputy Managing Director. Ini was the bank’s Executive Director in charge of Treasury and International Banking since January 2022.
The bank also announced the appointment of Omotunde Alao-Olaifa, the CFO of Leadway Holdings as a non-executive Director.
First Bank of Nigeria Limited, a subsidiary of FBN Holdings has undergone significant leadership changes since March 2024, when its MD resigned.
About Olusegun Alebiosu
Before Acting as the MD of the bank, Olusegun 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) of First Bank since 2016.
Before joining First 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. His professional career commenced in 1991 with Oceanic Bank Plc (now Ecobank Plc).
He is an alumnus of the University of Lagos, where he obtained a Bachelor’s Degree in Industrial Relations and Personnel Management. Alebiosu then obtained a Master’s Degree in International Law and Diplomacy from the University of Lagos.
Alebiosu obtained a Master’s Degree in Development Studies from the London School of Economics and Political Science. He also completed the Advanced Management Program at Harvard Business School.
About Ini Ebong
Ini Ebong will resume as the bank’s Deputy Managing Director after serving as the Executive Director of treasury and International Banking from January 2022. He was previously the Group Executive, Treasury and International Banking from 2016.
Before serving as a Group Executive, he was the Bank’s treasurer, a position he held from 2011 to 2016.
Prior to joining First Bank, he worked with Renaissance Securities Nigeria Limited, as well as Citigroup, where he was the Country Treasurer, as well as Sales and Business Head.
Ebong holds both a Bachelor’s and Master of Science degree in Architecture from the University of Ife (now OAU).
About Omotunde Alao-Olaifa
Omotunde Alao-Olaifa is currently the Group Chief Financial Officer/Strategy and Principal Investment at Leadway Holdings.
Before joining Leadway Holdings, he was an Investment Banking associate with Lionstong Group. He was also an assistant manager in Fidelity Bank, in the corporate banking division.
First Bank management changes in 2024
In 2024, First Bank of Nigeria and its parent company, FBN Holdings underwent significant leadership changes, starting from January when Femi Otedola was appointed as Chairman of FBN Holdings.
After Otedola’s appointment as FBN Holdings chairman, on March 20, the group announced the appointment of new Non-Executive Directors (NEDs), including three new NEDs for First Bank of Nigeria. The new NEDs for First Bank were Remilekun Odunlami, Anil Dua, and Fatima Ibrahim Ali.
Then on April 20, 2024, the CEO of First Bank of Nigeria, 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 First Bank of Nigeria, with Ebenezer Olufowose replacing him.
The appointment of Alao-Olaifa as a NED brings the total number of NEDs in First Bank to nine.
FBN Holdings posted a 2.65% loss in the NGX today, as its share price declined to N22.00, with its market capitalization closing at N790 billion.
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