Olusegun Alebiosu Becomes Acting CEO of First Bank of Nigeria as Adesola Adeduntan Suddenly Departs

In a strategic move following the unexpected departure of CEO Adesola Adeduntan, FBN Holdings, the umbrella organization for Nigeria’s oldest bank, has ushered in a new era by appointing Olusegun Alebiosu as the acting Chief Executive Officer of First Bank of Nigeria.

Adeduntan’s departure, attributed to a desire to explore new ventures, concludes a remarkable nine-year tenure marked by transformative leadership. Notably, his term was punctuated by a contentious dismissal in 2021, later overturned by the Central Bank, underscoring the complexities of his stewardship.

Alebiosu, previously serving as the bank’s Executive Director, Chief Risk Officer, and Executive Compliance Officer, steps into his new role with immediate effect pending approval from the Central Bank. His ascension marks a pivotal moment for the 130-year-old institution as it navigates regulatory changes and seeks to bolster its financial standing.

The transition coincides with a period of notable financial growth for FBN Holdings, which reported a staggering 127% increase in profits in 2023, as reflected in its unaudited financial statements. Moreover, the appointment of billionaire businessman Femi Otedola as chairman earlier this year underscores the institution’s commitment to fortifying its leadership and strategic direction.

Prior to his tenure at First Bank, Alebiosu held esteemed positions at Coronation Merchant Bank, African Development Bank Group, and United Bank for Africa. He has a bachelor’s degree in Industrial Relations and Personnel Management, complemented by dual master’s degrees in International Law and Diplomacy and Development Studies.

Expressing gratitude for Adeduntan’s contributions, the Board of Directors commended his role in propelling the bank’s growth and evolution. Meanwhile, Alebiosu, leveraging over three decades of banking expertise, assumes leadership responsibilities with a robust background spanning prominent financial institutions.

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