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.

Updating the Nigerian Exchange Group of recent development within the bank, the company’s Secretary, Adewale Arogundade, in a notice on Wednesday, said the appointment of Alebiosu is subject to the approval of the Central Bank of Nigeria (CBN).

Before his new appointment, Alebiosu was acting Managing Director of the bank since April 2024, when the former MD, Adesola Adeduntan, resigned.

First Bank also appointed Ini Ebong as the Deputy Managing Director (DMD) and Alao Olatunde-Olaifa as Non-Executive Director. Both appointments are also subject to the approval of the apex bank.

Alebiosu previously served as the bank’s Executive Director, Chief Risk Officer, Executive Compliance Officer, Group Executive/ Chief Risk Officer, among others.

The new managing director has 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.

Ebong was previously the bank’s Executive Director of Treasury and International Banking. He brings to the Executive Management of FirstBank over 20 years banking experience.

Olatunde-Olaifa, the current Group Financial Officer of Leadway Holdings, brings to the Board years of experience cutting across corporate finance, including capital raising, debt restructuring, acquisition planning, project financing and asset management.