First Bank Confirms Olusegun Alebiosu As New CEO, Ini Ebong As DMD

First Bank of Nigeria Limited has confirmed the appointment of Olusegun Alebiosu as its substantive Managing Director and Chief Executive Officer of the bank.

First Bank’s Secretary, Adewale Arogundade disclosed this in a notice on Wednesday while updating the Nigerian Exchange Group on recent developments within the bank.

However, Arogundade said the appointment of Alebiosu is subject to the approval of the Central Bank of Nigeria (CBN).

Before his new appointment, Alebiosu had been the acting Managing Director of the bank since April 2024, when the former MD, Adesola Adeduntan, resigned from his position.

First Bank also announced the appointment of Ini Ebong as the Deputy Managing Director and Alao Olatunde-Olaifa as Non-Executive Director. Both appointments are also subject to the approval of the apex bank.

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Ini was the bank’s Executive Director in charge of Treasury and International Banking since January 2022.

Alebiosu previously served as the bank’s Executive Director, Chief Risk Officer, Executive Compliance Officer, and Group Executive/ Chief Risk Officer, among others.

The new managing director has over 28 years of 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.

Ebong was previously the bank’s Executive Director of Treasury and International Banking. He brings to the Executive Management of First Bank over 20 years of banking experience.

Olatunde-Olaifa, the current Group Financial Officer of Leadway Holdings, has amassed years of experience cutting across corporate finance, including capital raising, debt restructuring, acquisition planning, project financing, and asset management.

First Bank of Nigeria and its parent company, FBN Holdings underwent significant leadership changes in 2024, starting from January when billionaire Femi Otedola was appointed as Chairman of FBN Holdings.

After Otedola’s appointment, the group on March 20 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.