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FBN Holdings, the parent company of Nigeria’s oldest bank, has confirmed the appointment of Olusegun Alebiosu as the Managing Director/Chief Executive Officer of First Bank. This confirmation comes two months after Alebiosu was named in an acting capacity. The announcement was made in a Wednesday filing to the Nigerian Exchange’s board.
The appointment of Alebiosu is pending approval from the Central Bank of Nigeria.
Additionally, the bank appointed Ini Ebong as the Deputy Managing Director and Omotunde Alao-Olalfa as a Non-Executive Director.
Alebiosu was named acting MD in April following the unexpected resignation of Adesola Adeduntan, who led the lender for a record nine years. Alebiosu, previously the Chief Risk Officer and Executive Compliance Officer, will now lead the 130-year-old financial institution in its efforts to raise ₦300 billion. Like other Tier-1 lenders, the bank, with a market capitalisation of ₦829 billion, plans to sell shares in both Nigerian and international capital markets.
Joining the bank in 2016, Alebiosu brings over three decades of banking experience, having held senior positions at Coronation Merchant Bank, African Development Bank Group, and United Bank for Africa.
Until his recent appointment, Ini Ebong served as the bank’s Executive Director, Treasury and International Banking, since January 2022. He brings over 20 years of experience in treasury products, asset and liability management, treasury sales and marketing, and treasury risk management.
The new Non-Executive Director, Omotunde Alao-Olalfa, has extensive experience in capital raising, deal structuring, debt restructuring, acquisition planning, project financing, and asset management. He currently holds the position of Group Chief Financial Officer/Strategy & Principal Investment at Leadway Holdings.
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