First Bank Appoints Alebiosu Acting MD

First Bank of Nigeria, one of the country’s oldest and most prestigious financial institutions, has made a sudden change in leadership with the appointment of Mr. Alebiosu as the acting Managing Director (MD), with effect from April 2024.

The bank stated this in a statement signed by its acting company secretary, Adewale Arogundade, on Sunday.

According to statement, the former managing director of First Bank Nigeria Limited, Dr Adesola Adeduntan, has tendered his resignation after a nine-year tenure, during which he supervised the bank’s operations and strategic direction for three terms.

First Bank is poised to unveil Adeduntan’s successor, who will spearhead the bank’s expansion initiatives amidst fierce competition in the financial sector.

The release stated that, “following the resignation of the managing director/CEO of First Bank, Dr. Adesola Adeduntan, the Board of Directors has appointed Olusegun Alebiosu as the acting CEO of the 130-year-old institution.

“The appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.”

The release stated that Alebiosu was until this appointment the executive director, chief risk officer and executive compliance officer since January 2022. Prior to that, he was the Group executive/ chief risk officer, a position he held since 2016.