The Board of Directors of First Bank has appointed Segun Alebiosu, the Executive Director and Chief Risk Officer, as the acting Managing Director and Chief Executive Officer of the bank following the sudden resignation of Adesola Kazeem Adeduntan.
Alebiosu’s appointment is in the interim until clearance from the Central Bank of Nigeria (CBN).
Bringing over 28 years of experience in the banking and financial services sector, Alebiosu has a comprehensive background in Credit risk management, Financial planning and control, Corporate and commercial banking, Agriculture financing, and Project financing, among others.
The board convened a meeting to address recent developments, including cancelling the planned extraordinary general meeting and Adeduntan’s unexpected resignation, which was received while attending the World Bank/IMF spring meetings in Washington.
Adeduntan’s departure appears to be linked to the circumstances surrounding the cancellation of the extraordinary general meeting, initially scheduled for April 30, 2024, to approve plans for a capital raise.
Before his resignation, there were speculations about Adeduntan assuming the position of Managing Director at the HoldCo level. However, it remains uncertain if this plan was halted due to regulatory approval issues.
In April 2021, former directors voted for Adeduntan’s retirement as his second term was set to expire. Still, he retained his position following the board’s dismissal by then-CBN Governor Godwin Emefiele.
Alebiosu is expected to formally assume his role on April 29, upon Adeduntan’s return from the US. His appointment underscores First Bank’s commitment to stability and continuity amidst ongoing institutional developments.
