First Bank of Nigeria Limited has confirmed the appointment of Olusegun Alebiosu as the substantive Managing Director (MD) and Chief Executive Officer (CEO) of the bank. The bank's Secretary, Adewale Arogundade, announced this update to the Nigerian Exchange Group on Wednesday. Alebiosu's appointment is pending approval from the Central Bank of Nigeria (CBN).

Alebiosu has been serving as acting Managing Director since April 2024, following the resignation of the former MD, Adesola Adeduntan. Additionally, First Bank appointed Ini Ebong as the Deputy Managing Director (DMD) and Alao Olatunde-Olaifa as a Non-Executive Director, with both appointments also awaiting CBN approval.

Before his new role, Alebiosu held positions such as Executive Director, Chief Risk Officer, Executive Compliance Officer, and Group Executive/Chief Risk Officer. He has over 28 years of experience in the banking and financial services industry, with expertise in credit risk management, financial planning and control, credit and marketing, trade, corporate and commercial banking, agricultural financing, oil and gas, transportation (including aviation and shipping), and project financing.

Ebong, previously the bank’s Executive Director of Treasury and International Banking, brings over 20 years of banking experience to the Executive Management of First Bank. Olatunde-Olaifa, currently the Group Financial Officer of Leadway Holdings, has extensive experience in corporate finance, including capital raising, debt restructuring, acquisition planning, project financing, and asset management.