FirstBank Board appoints Alebiosu Acting CEO, as Adeduntan retires
The appointment takes effect immediately and is subject to the approval of the Central Bank of Nigeria.
Alebiosu, who as ED / Chief Risk Officer jointly led the transformation of FirstBank over the past 8 years as an integral member of the team under the previous CEO’s leadership, is well placed to deliver on the bank’s strategic objectives. Alebiosu joined FirstBank in 2016 and has over three decades of banking experience.
The Board of Directors expressed its gratitude to Adeduntan for his exemplary leadership over the last nine years where he superintended the acknowledged transformation and growth of the Bank and wished him well in his future endeavours.
About Olusegun Alebiosu
Olusegun Alebiosu was appointed the Acting Managing Director/Chief Executive Officer, First Bank of Nigeria Limited (FirstBank Group) in April 2024. He was until this appointment the Executive Director, Chief Risk Officer and Executive Compliance Officer since January 2022. Prior to that appointment, he was the Group Executive/ Chief Risk Officer, a position he held since 2016.
Segun brings to the Executive Management of FirstBank over 28 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.
He 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 is an alumnus of Harvard Business School and Harvard School of Government. He holds a Bachelor’s degree in Industrial Relations and Personnel Management, and also a Master’s degree in International Law and Diplomacy from the University of Lagos. He obtained a Master’s degree in Development Studies from the London School of Economics and Political Science, and completed Advanced Management Program (AMP) at Harvard Business School.
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.
About FirstBank
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for 130 years.
With over 800 business locations and over 232,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and Corporate financial services to serve its over 42 million Customers. The Bank has an international presence with subsidiaries operating in 9 other countries. These subsidiaries are FirstBank (UK) Limited in London and Paris, FirstBank in the Democratic Republic of Congo, Guinea, Sierra Leone, and The Gambia; FBNBank in Ghana and Senegal as well as a Representative Office in Beijing, China. The Bank is at the forefront of promoting digital banking in the country and has issued over 13 million cards, the first bank to achieve such a milestone.
FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with over 23 million active FirstBank customers
signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.
FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives, such as FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organisation. The FirstGem single digit interest rate loan offer is a product initiative for Women Micro, Small and Medium Enterprises (WMSMEs) to enhance their ability to have access to finance below market rate. In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Empowerment Principles – Equal
Opportunity, Inclusion, and Nondiscrimination.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities available in Nigeria as an internationally competitive world-class brand and a credible financial partner.
For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.
Notably, in 2022, the Bank took a long stride on its growth trajectory with the Bank’s Viability and Long- Term Issuer Default Ratings upgraded to ‘B’ from ‘B-‘ (with Outlook Stable) by Fitch, a leading global rating agency. This is an indication of the Bank’s strong internal capital generation and the corresponding recession of its risks to capitalisation. Fitch also upgraded the Bank’s National Long-Term Ratings to ‘A (nga)’ from ‘BBB (nga)’, to reflect its improved creditworthiness relative to that of other issuers in Nigeria.
Furthermore, the Top 100 African Bank Rankings 2022 released by The Banker Magazine revealed FirstBank’s ranking as number one in Nigeria in terms of Overall Performance, Profitability, Efficiency and Return on Risk.
Other laudable feats in 2022 include FirstBank’s international recognition on major indices by Euromoney Market Leaders, an independent global assessment of the leading financial service providers where FirstBank was crowned: Market Leader: (tier-1 recognition) in Corporate and Social Responsibility (CSR), Market Leader: (tier -1 recognition) Environmental, Social and Governance (ESG), Highly Regarded: in Corporate Banking and Digital Solutions, Notable: in SME Banking.
Also, in 2022 International Finance Magazine named the Bank “Most Innovative Banking Product in Nigeria” and “Best Retail Bank in Nigeria”. FirstBank was also awarded “Best Corporate Banking Western Africa, 2022” and “Best CSR Bank Western Africa, 2022’’ by Global Banking and Finance Magazine. Other notable awards in FirstBank coffers include: “Best Bank in Nigeria” by Global Finance Magazine – fifteen times in a row; “Best Private Bank in Nigeria-2021” awarded by Global Finance magazine; “Best Internet Banking Nigeria” and ‘’Best CSR Bank Africa’’ by International Business Magazine.
In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by International Investors Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by Digital Banker Africa; and “African Bank of the Year” by African Leadership Magazine.
Our vision is ‘To be Africa’s Bank of first choice’ and our mission is ‘To remain true to our name by providing the best financial services possible’. This commitment is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our strategic ambition is ‘To deliver accelerated growth in profitability through customer-led innovation and disciplined execution’ and our brand promise is always to deliver the ultimate “gold standard” of value and excellence to position You First in every respect.
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