The First Bank of Nigeria has officially announced a major transition in its leadership, with Olusegun Alebiosu being appointed as the acting Managing Director and CEO. Alebiosu, who has previously held high-level roles within the bank, including Executive Director, Chief Risk Officer, and Executive Compliance Officer, is poised to take over the helm from Adesola Adeduntan. This announcement was formally communicated to the Nigerian Exchange Limited as well as to the investing public, although Alebiosu’s new role is subject to the Central Bank of Nigeria’s approval.
This executive change is unfolding under unexpected circumstances, as Adeduntan, the outgoing CEO, has submitted his retirement notice well ahead of the scheduled conclusion of his term, which was expected to last until December 31, 2024. Adeduntan, with a substantial nine-year tenure as CEO, chose to step down on April 20 to explore other professional pursuits.
Adeduntan expressed gratitude for the support he had received from the directors of FirstBank and FBN Holdings Plc during his leadership. However, he alluded to some form of agreement or policy stating that following the end of his tenure, he would not be eligible for reemployment with the bank, considering his extensive service duration.
Before this unexpected turn of events leading to Adeduntan’s premature resignation, there was an attempt by the bank’s board of directors to retire him in 2021, which was subsequently reversed, resulting in his reinstatement. Now, as the bank moves forward, Alebiosu steps in to navigate First Bank of Nigeria through its next chapter.
Olusegun Alebiosu, who has been a pivotal figure at the First Bank of Nigeria since his arrival in 2016, has now been elevated to the role of acting CEO. With a substantial resume that includes serving as the bank’s Executive Director, Chief Risk Officer, and Executive Compliance Officer since January 2022, Alebiosu’s experience within the bank is extensive, and he is well-prepared to lead the financial institution.
Alebiosu is a seasoned professional with an impressive career that spans over 28 years in the banking and financial services sector. His wealth of expertise is not limited to the financial world, as he has also been involved in various industries including transportation, oil and gas, and agriculture. This diverse background has likely equipped him with a broad perspective and an ability to adapt to and manage different economic and sectoral dynamics.
Before his tenure at First Bank of Nigeria, Alebiosu began his professional journey with the now-defunct EcoBank, where he cut his teeth in the banking industry. His journey from EcoBank to becoming the acting CEO of First Bank showcases a career marked by steady ascension and a rich tapestry of experiences across different sectors, underscoring his capability to steer First Bank of Nigeria through its ongoing and future challenges.
Alebiosu is an alumnus of the University of Lagos, where he achieved his undergraduate degree in Industrial Relations and Personnel Management. He furthered his education at the same institution, earning a master’s degree in International Law and Diplomacy. His thirst for knowledge and global perspectives led him to pursue another master’s in Development Studies at the highly esteemed London School of Economics and Political Science, a decision that no doubt enriched his understanding of global economic and development challenges.
Additionally, he is a graduate of the prestigious Harvard School of Government, an educational experience that equips him with insights into public policy and administration which are valuable to his leadership role in the bank.
Beyond academia, Alebiosu is actively involved in the professional community. He is a member of the Nigeria Institute of International Affairs, where he engages with others in the field of international relations, and he holds the designation of Associate at the Nigeria Institute of Management (ANIM), which demonstrates his commitment to professional management standards.
His membership in the Chartered Institute of Bankers of Nigeria (CIBN) aligns with his banking career, providing a platform for adherence to banking ethics and professionalism.
Notably, Alebiosu has also attained the distinguished status of Fellow of the Institute of Chartered Accountants (FCA), reflecting a high level of expertise and acknowledgment of his contributions in the field of accountancy. This diverse range of associations and qualifications underscores Alebiosu’s multi-faceted expertise and his commitment to maintaining excellence and leadership in his field.
