First Bank Nigeria Appoints New CEO

First Bank of Nigeria Limited has appointed Olusegun Alebiosu as the new Managing Director (MD) and Chief Executive Officer (CEO). The bank’s secretary, Adewale Arogundade, announced the decision in a statement to the Nigerian Exchange Limited (NGX) on Wednesday, 19th June. Alebiosu’s appointment now awaits approval from the Central Bank of Nigeria (CBN)

“The Board approved the appointment of Olusegun Alebiosu as the substantive Managing Director/Chief Executive Director of FirstBank, subject to the approval of the Central Bank of Nigeria,” reads the statement signed by the Acting Secretary of FBN Holdings, “The Board also approved the appointment of Mr. Ini Ebong as the Deputy Managing Director of FirstBank, subject to the approval of the Central Bank of Nigeria. The Board approved the appointment of Mr. Omotunde Alao-Olaifa as Non-Executive Director of FirstBank, subject to the approval of the Central Bank of Nigeria,” it added.

Alebiosu has been serving as First Bank’s acting MD since April 2024, following the resignation of former CEO Adesola Adeduntan. The bank also appointed Ini Ebong as Deputy Managing Director and Alao Olatunde-Olaifa as Non-Executive Director, both subject to CBN approval. Ebong brings over 20 years of banking experience, having previously led the bank’s Treasury and International Banking division. Olatunde-Olaifa, currently the Group Financial Officer of Leadway Holdings, boasts experience in corporate finance.

2024 has seen significant leadership changes at First Bank and its parent company, FBN Holdings. This is has been seen after Billionaire Femi Otedola became the Chairman of FBN Holdings in January. In March, the group appointed new Non-Executive Directors, including three that solely deal with First Bank.

This announcement solidifies Alebiosu’s position as First Bank’s Managing Director and signals a new chapter for the bank under FBN Holdings’ revamped leadership.