Nigeria’s First Bank Secures $200 Million Afreximbank Facility for Key Sectors


First Bank of Nigeria (FBN) on Friday secured a $200 million facility from the African Export-Import Bank (Afreximbank) to support the diverse needs of its customers. This funding is aimed at customers in the manufacturing, oil and gas, energy, Information Technology (ICT), and infrastructure sectors. The agreement was signed during the ongoing 2024 Afreximbank annual meetings, which also include the Africaribbean Trade and Investment Forum, in Nassau, The Bahamas.

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The signing ceremony was attended by Olusegun Alebiosu, acting managing director of First Bank, and Kanayo Awani, executive vice president of Intra-African Trade Bank, Afreximbank, among others.

Recently, Nigeria’s oldest financial institution appointed a risk management expert as its Chief Executive Officer, underscoring its renewed focus on internal controls. This decision follows revelations of a staff member embezzling forty-four billion Naira over a two-year period.

Former CEO Adesola Adeduntan abruptly resigned in April, issuing a brief resignation letter from Washington, where he was attending the annual World Bank/IMF meetings. “I have, however, decided to proceed on retirement with effect from 20 April 2024 to pursue other interests,” stated Adeduntan, who had been with the bank since 2014. First Bank has not disclosed the details surrounding Adeduntan’s sudden departure.

In his place, the bank appointed Olusegun Alebiosu as the new Managing Director and Chief Executive. Alebiosu, who has been with the bank since 2016, previously served as the executive director, chief risk officer, and executive compliance officer since January 2022. Prior to these roles, he was the group executive/chief risk officer.

By Naija247news
By Naija247news
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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