First Bank names Olusegun Alebiosu acting CEO after Adeduntan’s surprise exit

FBN Holdings, the parent company of Nigeria’s oldest bank, has appointed Olusegun Alebiosu as acting chief executive officer of First Bank of Nigeria after the surprise resignation of CEO, Adesola Adeduntan.

Until this appointment, Alebiosu was the bank’s executive director, chief risk officer, and executive compliance officer, according to a filing to the Nigerian Exchange Limited (NGX). The appointment takes effect immediately and is subject to the Central Bank’s approval.

Adeduntan retired from the bank last week “to pursue other interests” after leading the lender for a record nine years. His sudden resignation came eight months before the expiration of a third term in December 2024. A defining moment of Adeduntan’s tenure was his controversial dismissal in 2021 by the then-board, followed by his reinstatement by the Central Bank.

“The Board of Directors expressed gratitude to Adeduntan for his exemplary leadership in the last nine years during which he superintended the transformation and growth of the Bank and wish him well in his future endeavors,” the lender said.

Alebiosu, who joined First Bank in 2016, takes charge of the 130-year-old financial institution as it seeks to raise fresh capital in line with new capitalisation requirements from the regulator. Last Friday, the bank canceled the extraordinary general meeting to seek shareholders’ approval to raise ₦300 billion.

He 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. He holds a bachelor’s degree in Industrial Relations and Personnel Management and two master’s degrees in International Law and Diplomacy from the University of Lagos and Development Studies from the London School of Economics and Political Science.

FBN Holdings grew its profits by 127% in 2023, according to its unaudited financial statements. In January, it appointed billionaire businessman, Femi Otedola, as the new chairman of its board of directors.