EXCLUSIVE: Meet the man who will suceed Adeduntan as First Bank CEO

Barring any last-minute change of plans by the board of First Bank of Nigeria Plc, Olusegun Alebiosu, the currentexecutive director/chief risk officer/executive compliance officer of the bank, will succeed Adesola Adeduntan, who resigned as managing director yesterday after nine years at the helms.
Reliable sources familiar with the matter said the board of the bank has approved Mr Alebiosu’s appointment and that a notification to that effect will be sent immediately to the Nigerian Exchange Limited, where the bank’s shares are listed.
According to his profile on the website of the bank, Mr Alebiosu was appointed executive director, chief risk officer and executive compliance officer in January 2022. Prior to that appointment, he served as the lender’s Group Executive/ Chief Risk Officer, a position he held since 2016.

Mr Alebiosu is bringing to the position close to 30 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping) and Project financing, his profile on the First Bank website indicated.

The bank further wrote about Mr Alebiosu as follows:
“He Mr Alebiosu) commenced his professional career in 1991 with Oceanic Bank Plc. (now EcoBank Plc.) and prior to joining FirstBank in 2016 served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.
Segun (Alebiosu) is an alumnus of Harvard School of Government and holds a bachelor’s degree in Industrial Relations and Personnel Management. He also obtained a master’s degree in International Law and Diplomacy from the University of Lagos and holds a master’s degree in Development Studies from the London School of Economics and Political Science.

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“He is a member of various professional bodies namely, Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.
“Segun is a golfer and an adventurer. He is happily married with children.”
Mr Adeduntan had on Saturday served a notice of retirement on the bank, saying he was stepping down with effect from April 20. The real reason for his sudden departure remains unknown.
In his notice of retirement, Mr Adeduntan wrote to the Chairman of the bank’s board, Tunde Hassan-Odukale, “As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years.
“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.
“I am eternally grateful to the board of directors of FirstBank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continue success and progress as we move into the next phase of its evolution.”

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