First Bank confirms appointment of Alebiosu as MD

FBN Holdings Plc has confirmed the appointment of Mr Olusegun Alebiosu as substantive Managing Director/Chief Executive Officer of First Bank of Nigeria Ltd, (FirstBank), one of its flagship subsidiary.

Mr Adewale Arogundade, Acting Company Secretary of the Holdings, announced this in a disclosure sent to the Nigerian Exchange Ltd. (NGX), on Wednesday in Lagos.

Arogundade said that the approval of the substantive appointment of Alebiosu by the Bank’s Board of Directors was subject to the approval of the Central Bank of Nigeria (CBN).

NEWSVERGE reports that the Board of FBN Holdings on April 21 appointed Alebiosu as the acting managing director/CEO of First Bank.

His appointment followed a sudden resignation of Dr Adesola Adeduntan, the former managing director/CEO of the bank, effective April 20, ahead of his official retirement.

Additionally, Arogundade said that the Bank’s Board also approved the appointment of Mr Ini Ebong as the Deputy Managing Director of FirstBank, subject to the approval of the CBN.

The company secretary stated that First Bank further approved the appointment of Mr Alao Olatunde-Olaifa as Non-Executive Director of FirstBank, subject to the approval of the CBN.

Before his appointment, Alebiosu was previously Executive Director, Chief Risk Officer and Executive Compliance Officer of the bank, from January 2022 until April 20.

He was, before then, the Group Executive/ Chief Risk Officer of the bank since 2016.

Alebiosu brings to the executive management of First Bank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to credit risk management, financial planning and control.

He also has experience in credit and marketing, trade, corporate and commercial banking, agriculture financing, oil and gas, transportation, including Aviation and Shipping and Project financing.

Prior to joining First Bank in 2016, Alebiosu served as Chief Risk Officer at Coronation Merchant Bank Ltd., 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.

Alebiosu is an alumnus of Harvard Business School and Harvard School of Government.

He holds a bachelor’s degree in industrial relations and Personnel Management, and also a master’s degree in international law and diplomacy from the University of Lagos.

Alebiosu obtained a master’s degree in development studies from the London School of Economics and Political Science and completed Advanced Management Program (AMP) at Harvard Business School.

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.

On his part, Ebong, prior to his appointment, was the Executive Director, Treasury and International Banking of First Bank, since January 2022.

He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the Bank’s Treasurer from year 2011 to 2016.

Ebong brings to FirstBank over 20 years’ extensive banking experience, working through a wide variety of trading roles across most Treasury products, Asset and Liability management, Treasury sales and marketing, as well as Treasury risk management.

Before joining FirstBank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Ltd., the Nigerian registered subsidiary of Renaissance Capital.

He also worked with Citigroup for 14 years as Country Treasurer and Sales and Business Head, and has passion for market development.

Also, Alao-Olaifa has extensive experience cutting across the corporate Finance spectrum, including Capital Raising, Deal Structuring, Debt Restructuring, Acquisition Planning, Project Financing and Asset Management.

He is currently the Group Chief Financial Officer/Strategy and Principal Investment at Leadway Holdings with responsibilities covering strategy, corporate finance and principal investment across the group and geographies.

He also sits on the Boards of C&I Leasing Plc and Leadway Pensure PFA.

Alao-Olaifa had previously worked with Lionstone Group as an Associate, Investment Banking and Fidelity Bank Plc as an Assistant Manager in the Corporate Banking division, where he managed blue chip clients.