First Bank confirms Olusegun Alebiosu as MD amid capital raise efforts

FBN Holdings, the parent company of Nigeria’s oldest bank, has confirmed the appointment of Olusegun Alebiosu as the Managing Director/Chief Executive Officer of First Bank two months after he was named in an acting capacity, according to a Wednesday filing to the board of the Nigerian Exchange.

The appointment is subject to the approval of the Central Bank of Nigeria.

The bank also appointed Ini Ebong as the deputy managing director and Omotunde Alao-Olalfa as a non-executive director.

In April, Alebiosu was named acting MD after the surprise resignation of Adesola Adeduntan who led the lender for a record nine years. The former chief risk officer and executive compliance officer will lead the 130-year-old financial institution’s efforts to raise ₦300 billion. Like other Tier-1 lenders, the bank—with a market capitalisation of ₦829 billion—will sell shares in the Nigerian or international capital markets.

The new MD, who joined the Bank in 2016, has over three decades of banking experience and previously held top positions at Coronation Merchant Bank, African Development Bank Group, and United Bank for Africa.

Until his appointment, Ebong was the bank’s Executive Director, Treasury and International Banking, a position he held since January 2022. He holds over 20 years of experience working across treasury products, asset and liability management, treasury sales and marketing, and treasury risk management.

The bank’s new non-executive director, Alao-Olalfa holds extensive experience in capital raising, deal structuring, debt restructuring, acquisition planning, project financing, and asset management. He is currently the Group Chief Financial Officer/Strategy & Principal Investment at Leadway Holdings.