First Bank appoints Olusegun Alebiosu as acting CEO after the former CEO abruptly resigned

April 22, 2024
2 min read
Olusegun Alebiosu
  • First Bank of Nigeria has appointed Olusegun Alebiosu — former Executive Director, Chief Risk Officer, and Executive Compliance Officer — as acting Managing Director and CEO, succeeding Adesola Adeduntan.
  • Alebiosu's appointment, announced in a notification to the Nigerian Exchange Limited and the investing public, is still pending approval by the Central Bank of Nigeria.
  • This comes as Adeduntan, the former CEO, abruptly submitted a retirement notice, despite the fact that his tenure will end on December 31, 2024. 

Adeduntan, who has held the position for nine years, announced his resignation on April 20, citing a desire to pursue other interests.

In the notice, Adeduntan acknowledged receiving support from the directors of FirstBank and FBN Holdings Plc during his tenure but disclosed that after his tenure ends, he will be ineligible for employment within the bank after serving for up to nine years.

Before his abrupt resignation, the bank's board of directors had previously voted to retire him in 2021, but he was reinstated.

Alebiosu, the bank's Executive Director, Chief Risk Officer, and Executive Compliance Officer since January 2022, is now serving as acting CEO. Previously, he held other executive positions at the bank since 2016.

He has worked in the transportation, oil and gas, and agricultural industries in addition to his more than 28 years of experience in banking and financial services. Before joining First Bank in 2016, he began his career with the now-defunct EcoBank.

He has a bachelor's degree in industrial relations and personnel management from the University of Lagos, a master's degree in international law and diplomacy from the University of Lagos, and a second master's degree in development studies from the London School of Economics and Political Science. He graduated from the Harvard School of Government.

In addition to his academic achievements, he is a member of several professional associations, including the Nigeria Institute of International Affairs (Member), Chartered Institute of Bankers of Nigeria (CIBN), Associate, Nigeria Institute of Management (ANIM), and Fellow of the Institute of Chartered Accountants (FCA).

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