First Bank Nigeria Names Olusegun Alebiosu as Acting CEO

First Bank Nigeria names Olusegun Alebiosu as acting CEO following the very sudden resignation of the previous CEO.

First Bank Nigeria Names Acting CEO

The former executive director, Chief Risk Officer will now be the acting Managing Director and CEO of the financial firm thus succeeding Adesola Adeduntan.

First Bank Nigeria Names Acting CEO

In a surprising turn of events, First Bank Nigeria has announced the appointment of Olusegun Alebiosu as the acting CEO, pending approval by the Central Bank of Nigeria. This decision comes on the heels of the abrupt retirement notice submitted by the former CEO, Adeduntan, whose tenure was set to end on December 31, 2024.

Adeduntan, who served as CEO for nine years, cited a desire to pursue other interests as the reason for his sudden resignation.

Despite receiving support from the bank’s directors throughout his tenure, Adeduntan disclosed that he would be ineligible for reemployment within the bank after serving for the maximum nine-year period.

Alebiosu, currently the bank’s Executive Director, Chief Risk Officer, and Executive Compliance Officer since January 2022, steps into the role of acting CEO. He brings with him a wealth of experience, having held various executive positions at the bank since 2016.

Background and Qualifications

Alebiosu boasts over 28 years of experience in banking and financial services, with prior experience in the transportation, oil and gas, and agricultural industries. He began his career with the now-defunct EcoBank before joining First Bank in 2016.

His academic credentials include a bachelor’s degree in industrial relations and personnel management from the University of Lagos, a master’s degree in international law and diplomacy from the same institution, and a second master’s degree in development studies from the London School of Economics and Political Science. Additionally, he graduated from the Harvard School of Government.

Professional Affiliations

Alebiosu is a member of several esteemed professional associations, including the Nigeria Institute of International Affairs, the Chartered Institute of Bankers of Nigeria, the Nigeria Institute of Management, and the Institute of Chartered Accountants.

Implications and Next Steps

With Alebiosu’s appointment, First Bank Nigeria seeks to maintain stability and continuity amidst the leadership transition. The pending approval by the Central Bank of Nigeria underscores the regulatory oversight necessary for such a pivotal change within the institution.

As Alebiosu assumes his new role, stakeholders will closely monitor the bank’s operations and strategic direction under his leadership. Additionally, the bank will likely embark on a search for a permanent CEO to steer the organization forward in the long term.

Overall, Alebiosu’s extensive experience and impressive credentials position him well to navigate the challenges and opportunities facing First Bank Nigeria in the evolving financial landscape.



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