Home Nigeria Alebiosu Becomes First Bank CEO, as Adeduntan Resigns after 9 Years

Alebiosu Becomes First Bank CEO, as Adeduntan Resigns after 9 Years



By Uche Amunike

After the resignation of Dr. Adesola Adeduntan and the tension that followed it, Olusegun Alebiosu has been appointed as the new First Bank CEO, in an acting capacity, with his appointment taking immediate effect.

Until this appointment, Alebiosu was the Executive Director, Chief Risk Officer and the Executive Compliance Officer from January 2022. Before then, he held the position of Group Executive/Chief Risk Officer since 2016.

He will be bringing to the table, over 28 years of experience in the banking and financial services industry with cross-functional exposure to credit risk management, Credit and marketing, corporate and commercial banking, financial planning and control, agricultural financing, transportation (including aviation and shipping), Oil and gas, as well as project financing.

The new First Bank CEO started his professional career in 1991 with Oceanic Bank plc, which is now known as EcoBank Plc. Before joining First Bank in 2016, he was the Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank group (AfDB). He was also Group Head, Credit Policy and Deputy Chief Credit Risk Officer at United Bank for Africa Plc.

A product of Harvard Business School and Havard School of Government, he holds a Bachelor’s degree in Industrial Relations and Personnel Management, as well as a Master’s degree in International Law and Diplomacy from the University of Lagos.

He obtained a Masters Degree in Development Studies from the London School of Economics and Political Science, even as he completed the Advanced Management Program (AMP) at Harvard Business School.

He belongs to various professional bodies- Fellow, Institute of Chartered Accountants (FCA); Associate, Nigerian Institute of Management (ANIM); Chartered Institute of Bankers of Nigeria (CIBN) and Member, Institute of International Affairs.

He is also a golfer and loves adventure. He is happily married with children.

Alebiosu’s appointment became unavoidable after his predecessor, Adeduntan, sent out a notice of retirement to the bank on Saturday, indicating that he was stepping down with effect from April 20.

In his retirement notice, which he addressed to the Chairman of the Board of First Bank’s board, Tunde Hassan Odukale, he stated: ‘As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years.’

‘During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.
I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.’

‘I am eternally grateful to the board of directors of FirstBank and FBN Holdings Plc for the support that I received from them during my stewardship. I wish our iconic institution continue success and progress as we move into the next phase of its evolution.”

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Sango Ota Rainstorm Throws 40 Communities into Darkness, Destroy Properties Worth N100m

By Uche Amunike

A fierce rainstorm said to have lasted over an hour and thirty minutes, unleashed mayhem, Sunday, at Sango Ota, in Ado-Odo/Ora Local Government Area of Ogun State, throwing 40 communities into darkness, as it pulled down cables and electric poles in its wake, even as it disrupted traffic on the Sango Ota highway.

The incident was confirmed by the Ibadan Electricity Distribution Company (IBEDC), which appealed to residents to avoid having any contact with the broken poles, saggy wires, cables or any other electrical installation affected by the rain.

Speaking, to News Agency of Nigeria (NAN), the Lead, Media Relations of IBEDC, Mrs Busolami Tunwase, while confirming the incident, stated that no lives were lost, however, properties estimated at over N100 million, especially vehicles, were destroyed by the heavy downpour.

The IBEDC released a public notice, where the communities affected were spelled out. It partly read: ‘Due to broken poles occasioned by the heavy downpour at Ota and Mowe, customers in the following communities: lyana lyesi, Osuke Town, Egan Road, lyana Ilogbo, Ijaba, Ijagba, Itele, Lafenwa, Singer, Joju, Alishiba, Oju Ore, Tollgate, Eledi, Akeja, Abebi, Osi Round About, Ota Town, Ota Industrial Estate, Igberen, lju, Atan, Onipanu, Obasanjo, Lusada, Arigba, Odugbe, Ado-Odo, Igbesa, Owode. Olokuta, Hanushi, Bamtish Camp Lufiwape, Eltees Farm, August Engineering, Spark Cear Soap Ayetoro, Amazing Grace Oil, Christopher University, Royal Garden Estate, Pentagon Estate and environs are experiencing power outages.’

According to the public notice, the other areas affected are: ‘Bamtish Camp Lufiwape, Eltees Farm, August Engineering, Spark Cear Soap Ayetoro, Amazing Grace Oil, Christopher University, Royal Garden Estate, Pentagon Estate, and environs.’

They reiterated that residents should keep away from trying to have the electrical installations repaired, as their technical team was already at work, to clear and replace all the affected poles and cables that were destroyed.

Hear them: ‘Kindly avoid contact with the broken poles, saggy wires or any other electrical installation affected by the rain. Report any incident and do not attempt to repair or tamper with electrical installations.’

‘Our technical team is working to clear and replace the broken poles and installations to ensure power supply is restored as soon as possible. We sincerely apologize for the inconvenience.‘

Reports and videos circulating online showed how the utility poles fell on top of vehicles, including a long school bus, trucks, cars and tricycle, all of them trapped under it. In the video clip, voices in the background were heard, complaining that all the utility poles had broken down as a result of pressure. Residents also showed their concerns that they would have to endure power outages in the next week or more, pending when the poles and cables have hopefully been fixed. They also expressed their joy that there was no power supply at the time the damages occurred. Residents of the affected areas in Sango Ota also complained earlier about low power supply in their area since January 2024.

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