First Bank of Nigeria (FBN) Limited has recently confirmed the appointment of Olusegun Alebiosu as its substantive managing director (MD) and chief executive officer (CEO). This significant development was disclosed in a statement filed with the Nigerian Exchange Limited (NGX) on Wednesday. The parent company of the lender, FBN Holdings, stated that Alebiosu’s appointment is contingent upon the approval of the Central Bank of Nigeria (CBN).
Olusegun Alebiosu has been fulfilling the role of acting managing director of First Bank since April 22, effectively steering the institution through a transitional phase. His elevation to the substantive position comes after the unexpected resignation of Adesola Adeduntan, who departed despite having eight months remaining on his contract. Alebiosu’s extensive experience and leadership within the bank likely played a crucial role in his selection for this pivotal role.
In addition to Alebiosu’s appointment, FBN Holdings has announced several other key executive changes aimed at strengthening the bank’s leadership team. One notable appointment is that of Ini Ebong as the deputy managing director (DMD). Ini Ebong has been with First Bank since January 2022, serving as the executive director responsible for treasury and international banking. His tenure at the bank has been marked by significant contributions to its financial operations and international market engagements.
“Before joining FirstBank, he was the head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Limited, the Nigerian registered subsidiary of Renaissance Capital,” FBN Holdings mentioned. This experience has equipped him with a robust understanding of the African financial landscape and the intricacies of managing fixed income and local market trading. Furthermore, his 14-year tenure with Citigroup as Country Treasurer and Sales and Business Head underscores his expertise in financial management and strategic business development.
FBN Holdings further elaborated on Ebong’s qualifications: “Ini has a passion for market development and has worked actively to drive change and internationalisation of the Nigerian financial markets: foreign exchange, fixed income and securities. He has worked closely with regulatory bodies such as the CBN and DMO in assisting with the development of fresh monetary and foreign exchange policies.” This collaborative work with regulatory bodies highlights his proactive approach to enhancing the financial sector’s regulatory framework and policy formulation.
Another significant appointment is that of Omotunde Alao-Olaifa, who has been named as a non-executive director. Alao-Olaifa brings a wealth of experience from her role as the chief financial officer (CFO) of Leadway Holdings. Her expertise in financial management and corporate governance is expected to provide valuable insights and oversight to the board’s deliberations and strategic initiatives.
Alao-Olaifa’s professional portfolio is quite impressive, as she also serves on the boards of C&I Leasing Plc and Leadway Pensure PFA. Her involvement with these institutions showcases her versatility and capability in steering organizations towards achieving their financial and strategic goals.
These appointments come at a critical time for First Bank of Nigeria as it navigates the complexities of the modern financial landscape. With Alebiosu at the helm, supported by experienced professionals like Ini Ebong and Omotunde Alao-Olaifa, the bank is poised to leverage their collective expertise to drive growth and innovation. The emphasis on strengthening the leadership team reflects FBN Holdings’ commitment to maintaining its position as a leading player in the Nigerian banking sector, ensuring stability and sustainable growth.
In summary, the recent executive appointments at First Bank of Nigeria, including Olusegun Alebiosu as MD/CEO, Ini Ebong as DMD, and Omotunde Alao-Olaifa as a non-executive director, signal a strategic move to enhance the bank’s leadership and operational excellence. The diverse experiences and expertise of these leaders are anticipated to contribute significantly to the bank’s future success and its efforts to navigate the dynamic financial environment effectively.
