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FirstBank board names Olusegun Alebiosu as acting CEO

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Less than 48 hours after the sudden resignation of Sola Adeduntan as the managing director/ chief executive of First Bank of Nigeria Limited, the board of the bank has named Olusegun Alebiosu, its erstwhile executive director / chief risk officer (CRO) as the Acting Chief Executive Officer of the bank. The appointment takes immediate effect.

Recall that Fedredsnews had earlier reported the resignation of Sola Adeduntan whose tenure was to expire in December of 2024. The bank is yet to give reasons for Adeduntan’s resignation.

The appointment of Alebiosu was officially announced in a notice to the Nigerian Exchange Limited and the investing public, in accordance with The Exchange’s Issuers’ Rules.

Mr. Alebiosu, who previously held the position of Executive Director and Chief Risk Officer at FirstBank, has been pivotal in spearheading the bank’s transformation strategies over the past eight years.

His tenure at FirstBank began in 2016, and he brings over three decades of extensive banking experience, with a strong background in risk management, compliance, and corporate banking.

The board’s decision to appoint Mr. Alebiosu underscores his deep involvement and proven track record within the bank under the leadership of previous CEOs.

His broad experience includes significant roles such as Chief Risk Officer at Coronation Merchant Bank Limited and Chief Credit Risk Officer at the African Development Bank Group. Before joining FirstBank, he served in key capacities at United Bank for Africa Plc and started his career at Oceanic Bank Plc (now Ecobank Plc) in 1991.

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

Alebiosu’s appointment is subject to approval from the Yemi-Cardoso led Central Bank of Nigeria, signaling a new chapter for the 130-year-old financial institution as it continues to navigate the evolving banking landscape.

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