First Bank Appoints Segun Alebiosun as MD and CEO


According to sources familiar with the matter, Naija247news reports that Olusegun Alebiosu has been appointed as the acting Managing Director of First Bank of Nigeria. Alebiosu, who has served as the bank’s Executive Director and Chief Risk Officer since 2022, brings with him nearly three decades of experience within the institution.

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With expertise spanning credit marketing, trade, corporate and commercial banking, and credit risk management, Alebiosu is well-equipped to take on this new role. His appointment follows the abrupt resignation of Adesola Adeduntan, who was slated to complete his tenure in December but stepped down unexpectedly on Saturday.

Alebiosu’s ascension to the position of acting Managing Director marks a significant leadership transition for First Bank of Nigeria as it continues its operations amidst these changes.

This transition comes amidst the sudden resignation of Sola Adeduntan, the former CEO, who notified the board of his departure effective April 20, 2024, eight months before the expiration of his controversial third term.

Alebiosun is expected to take on the interim position until a permanent CEO is appointed and approved by the Central Bank. While there were speculations about Adeduntan possibly returning to the top job, sources have dismissed such notions, indicating that the decision is irreversible.

The swift developments following the cancellation of an extraordinary general meeting and Adeduntan’s abrupt resignation have prompted the board of the holding company to convene and review the situation. It is anticipated that Adeduntan will formally hand over to Alebiosun on April 29 upon his return from the World Bank/IMF spring meetings in the US.

The circumstances surrounding Adeduntan’s departure are shrouded in intrigue, with sources citing unresolved regulatory issues, mismanagement of relationships, and ego clashes as contributing factors. The central bank had initially targeted the entire board of the bank, but dialed back upon realizing its own involvement in the board’s appointment.

Prior to his resignation, there were expectations that Adeduntan would transition to the position of Managing Director at the holding company level. However, regulatory constraints, including a two-year cooling-off period between directorship tenures in Nigerian banks, may have hindered this plan.

Adeduntan, in his resignation letter, cited the expiration of his contract and a desire to pursue other interests as reasons for stepping down. He expressed gratitude to the board of directors for their support during his tenure, during which he played a pivotal role in repositioning First Bank as a leading financial institution in Africa.

Adeduntan’s career spans various leadership positions in the banking sector, including stints at Citibank Nigeria Limited, KPMG Professional Services, and Arthur Andersen Nigeria. His tenure as CEO began in 2016, following his role as the bank’s Executive Director and Chief Financial Officer.

As the transition unfolds, First Bank braces for a new chapter under Alebiosun’s stewardship, marking a pivotal moment in its storied history.

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Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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