First Bank of Nigeria has appointed Olusegun Alebiosu as its acting managing director, two sources with knowledge of the development told PREMIUM TIMES on Sunday.
Mr Alebiosu has been the bank’s executive director/chief risk officer since 2022.
He has been in the bank for nearly three decades, with expertise in credit marketing, trade, corporate and commercial banking, and credit risk management among others.
Mr Alebiosu takes the crown from Adesola Adeduntan, who gave up the role abruptly on Saturday even though he was due to complete his tenure in December.
The decision to appoint Mr Alebiosu was reached on Sunday after a Saturday board meeting of the bank could not resolve the controversy surrounding Mr Adeduntan’s resignation.
Mr Alebiosu has core competence also in oil & gas, project financing, agriculture, shipping and aviation.
He completed his Bachelors in Industrial Relations and Personnel Management at the University of Lagos in 1990 after which he obtained a Masters in International Law and Diplomacy from the institution in 1997.
The new CEO started as a graduate at the defunct Oceanic Bank in 1991.
From 2006 to 2011, he served as the group head of credit policy and product programmes at the United Bank for Africa. He would later fill the role of chief credit risk officer at the continental development finance institution, African Development Bank, in 2011.
At Coronation Merchant Bank Limited, where he served until 2015, he similarly led the company’s risk management unit.
An alumnus of Harvard Kennedy School of Governance, Mr Alebiosu also holds a Master of Science degree in Development Studies from the London School of Economics.
He has been a chartered accountant for over two decades and now enjoys the status of fellow of the Institute of Chartered Accountants of Nigeria. He is an associate of the Nigeria Institute of Management, a member of the Chartered Institute of Bankers of Nigeria and a member of the Nigeria Institute of International Affairs.
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