First Bank Gets New Acting MD/CEO
THE Board of Directors of First Bank Nigeria PLC has named erstwhile Executive Director and Chief Risk Officer, Segun Alebiosu, as the bank’s acting Managing Director and Chief Executive Officer of the bank. He succeeds Adesola Kazeem Adeduntan, who suddenly resigned last week.
Segun Alebiosu will act in an interim capacity until cleared by the Central Bank of Nigeria (CBN).
In a release by the bank. Segun Alebiosu brings to the Executive Management of First Bank over 28 years of 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.
The board of the bank had convened a meeting to review the fast-paced developments that have followed the cancelation of the planned extraordinary general meeting and the sudden resignation of Adeduntan, who wrote in from Washington to say he was quitting as CEO effective 20 April 2024.
It is expected that Adeduntan will formally hand over to Alebiosu on 29 April 2024 when he would have returned from the US where he is attending the World Bank/IMF spring meetings.
Meanwhile, there are indications that the sudden resignation of Adeduntan from his plum position may not be unconnected with the intrigue that followed the cancellation of the extraordinary general meeting of the financial institution planned for 30 April 2024 to approve plans for a capital raise.
Before he suddenly threw in the towel, it had been expected that he would take up the position of Managing Director at the holding company level but it is unclear if this plan was abandoned because the regulator withheld its approval of the request from the bank.
It will be recalled that on 28 April 2021, former directors at a board meeting of the bank voted for Adeduntan to be retired as his second term was to expire. He however regained his position following the sack of the board by then-CBN Governor, Godwin Emefiele.
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