THE board of First Bank of Nigeria Limited has approved the appointment of Olusegun Alebiosu as the managing director/chief executive officer (MD/CEO) of the bank subject to final approval from the Central Bank of Nigeria (CBN).

The parent company, FBN Holdings Plc disclosed this in a statement to the Nigerian Exchange Limited (NGX) on Wednesday, June 19.

It said the board of First Bank also approved the appointments of Ini Ebong as the deputy managing director and Omotunde Alao-Olaifa as a non-executive director, respectively.

The statement signed by the Acting Secretary of FBN Holdings, Adewale Arogundade, stated, “The Board approved the appointment of Mr. Olusegun Alebiosu as the substantive Managing Director/Chief Executive Director of FirstBank, subject to the approval of the Central Bank of Nigeria.”

“The Board approved the appointment of Mr. Ini Ebong as the Deputy Managing Director of FirstBank, subject to the approval of the Central Bank of Nigeria. The Board approved the appointment of Mr. Omotunde Alao-Olaifa as Non-Executive Director of FirstBank, subject to the approval of the Central Bank of Nigeria,” it added.

The ICIR reports that Alebiosu was appointed in an acting capacity on April  21 this year following the sudden resignation of the former CEO of FirstBank, Adesola Adeduntan.

Adeduntan resigned eight months before the expiration of his tenure which elicited concerns among stakeholders in the financial sector.

His resignation also raised concern about the adherence to the CBN corporate governance guidelines, The ICIR reported.

Meanwhile, Alebiosu became the group executive/chief risk officer of FirstBank in 2016 before being promoted to the position of executive director, chief risk officer, and executive compliance officer, which he held between January 2022 and April 2024.