Following the sudden resignation of its Managing Director/Chief Executive, the Board of FBN Holdings Plc. has appointed Mr. Olusegun Alebiosu as acting Chief Executive, First Bank of Nigeria Limited (FirstBank).

The announcement was made on Sunday, April 21, 2024 by the Board in a statement to the Nigerian Stock Exchange and signed by the holdings’ acting Company Secretary, Adewale Arogundade.

The appointment, which takes immediate effect, is however subject to the approval of the Central Bank of Nigeria (CBN).

The board of directors said Alebiosu will lead the 130-year-old institution.

The appointment came following the sudden recent resignation of the bank’s Managing Director/Chief Executive, Dr. Adesola Adeduntan.

Adeduntan was to retire in December but quit last week.

Alebiosu was an Executive Director/Chief Risk Officer who jointly led the transformation of FirstBank over the past eight years. He remains an integral member of the team under the previous CEO’s leadership.

He is well positioned to deliver on the bank’s strategic objectives.

He joined FirstBank in 2016 and has over three decades of banking experience.

“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 endeavours,” the statement added.

The new acting First Bank CEO brings to the Executive Management of FirstBank over 28 years’ 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.

Femi Otedola is Chairman, Board of Directors, First Bank Holdings

He commenced his professional career in 1991 with Oceanic Bank Plc. (now EcoBank Plc.).

Prior to joining FirstBank in 2016, he served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group, and Group Head, Credit Policy and Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

He is an alumnus of Harvard School of Government and holds a bachelor’s degree in Industrial Relations and Personnel Management.

Alebiosu 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.

He is a member of various professional bodies, namely, Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN), and Member, Nigeria Institute of International Affairs.

He is a golfer and an adventurer who is happily married with children.

The Star