First Financial institution names Olusegun Alebiosu performing CEO after Adeduntan’s shock exit

FBN Holdings, the mother or father firm of Nigeria’s oldest financial institution, has appointed Olusegun Alebiosu as performing chief govt officer of First Financial institution of Nigeria after the shock resignation of CEO, Adesola Adeduntan.

Till this appointment, Alebiosu was the financial institution’s govt director, chief danger officer, and govt compliance officer, in line with a filing to the Nigerian Alternate Restricted (NGX). The appointment takes impact instantly and is topic to the Central Financial institution’s approval. 

Adeduntan retired from the financial institution final week “to pursue different pursuits” after main the lender for a report 9 years. His sudden resignation got here eight months earlier than the expiration of a 3rd time period in December 2024. A defining second of Adeduntan’s tenure was his controversial dismissal in 2021 by the then-board, adopted by his reinstatement by the Central Financial institution. 

“The Board of Administrators expressed gratitude to Adeduntan for his exemplary management within the final 9 years throughout which he superintended the transformation and development of the Financial institution and want him properly in his future endeavors,” the lender stated. 

Alebiosu, who joined First Financial institution in 2016, takes cost of the 130-year-old monetary establishment because it seeks to boost recent capital according to new capitalisation necessities from the regulator. Final Friday, the financial institution canceled the extraordinary normal assembly to hunt shareholders’ approval to boost ₦300 billion. 

He has over three many years of banking expertise and beforehand held prime positions at Coronation Service provider Financial institution, African Growth Financial institution Group, and United Financial institution for Africa. He holds a bachelor’s diploma in Industrial Relations and Personnel Administration and two grasp’s levels in Worldwide Regulation and Diplomacy from the College of Lagos and Growth Research from the London College of Economics and Political Science.

FBN Holdings grew its earnings by 127% in 2023, according to its unaudited financial statements. In January, it appointed billionaire businessman, Femi Otedola, as the brand new chairman of its board of administrators.