FBN Holdings: Shareholders Hail Alebiosu’s Appointment

Shareholders of FBN Holdings Plc on Tuesday commended the proactiveness of the group’s Board of Directors in appointing an acting Managing Director for First Bank Nigeria Ltd., following the resignation of the former Chief Executive Officer.

They gave the commendations in an interview in Lagos, emphasising the importance of continuity in the bank’s operations.

The Board of Directors of FBN Holdings on Sunday appointed Mr Olusegun Alebiosu as the acting Managing Director and Chief Executive Officer (CEO) of the First Bank Nigeria Ltd.

The shareholders expressed confidence in Alebiosu’s capabilities, citing his extensive experience within the bank and the broader financial sector.

Alebiosu, until this appointment, was the Executive Director, Chief Risk Officer and Executive Compliance Officer of the bank since January 2022.

His appointment followed the resignation of Dr Adesola Adeduntan, the former Managing Director and Chief Executive Officer of the bank, effective April 20.

Mr Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), said that the decision of the board to appoint Alebiosu was in the right direction.

Okezie stated that it was a prerogative of the board of directors to immediately appoint someone to fill such a sensitive position so that the operation of the bank would not be affected.

“The company has to move on. Hence, the appointment by the board following the resignation of the former managing director,” he said.

According to him, Adedutan’s resignation will not affect the growth trajectory or stability of the bank because the new acting managing director is also a strong hand within the bank’s system.

He lauded Adedutan for his service to the bank, noting that his resignation might not be unrelated to pursuing and actualising personal ambitions as announced.

Also, Mr Sunny Nwosu, former National Coordinator of, the Independent Shareholders Association of Nigeria(ISAN), said that it was kind for the former managing director to have voluntarily resigned from the bank after serving for three terms.

Nwosu stated that such action showed that Adedutan had the interest of the bank, the board, the shareholders and the customers at heart.

He expressed optimism that the acting CEO would excel in his new capacity, having been within the bank system and with the support of the board Chairman, Mr Femi Otedola, who is also highly experienced and influential.

The ISAN coordinator advised Alebiosu to get the support of the shareholders, customers, board, and other stakeholders of the bank and work closely with them to succeed.

The National Coordinator, Shareholders United Front (SUF), Mr Gbenga Idowu, said he would keep monitoring the performance of Alebiosu as the acting Managing Director of FirstBank

Idowu said that he believed Alebiosu was selected based on competence, noting that the board members who chose him must have done due diligence before reaching the decision.

He insisted that, while he does not like to dabble in management issues as a shareholder of the bank, he would keep abreast of the performance of the acting managing director.

“I will continue to watch him from now, to know what he is bringing to the table, and whether he will do better than Adeduntan or not,” he said.

Alebiosu has core competence also in oil and gas, project financing, agriculture, shipping and aviation.

He completed his Bachelor 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 of 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 later filled the role of chief credit risk officer at the continental development finance institution, African Development Bank, in 2011.

At Coronation Merchant Bank Ltd., where he served until 2015, he similarly led the company’s risk management unit.

An alumnus of Harvard Kennedy School of Governance, 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 a fellow of the Institute of Chartered Accountants of Nigeria(ICAN).

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.