Business

Olusegun Alebiosu Appointment Validated as New Managing Director, of First Bank

Published

7 months ago

June 20, 2024

First Bank of Nigeria Limited has appointed Olusegun Alebiosu as its substantive Managing Director/Chief Executive Officer.

Mr. Alebiosu has been serving as the Acting Managing Director of the bank since April 2024, when the former MD, Adesola Adeduntan resigned his position as the MD/CEO of the bank.

The bank also announced the appointment of Ini Ebong as the Deputy Managing Director. Ini was the bank’s Executive Director in charge of Treasury and International Banking since January 2022.

The bank also announced the appointment of Omotunde Alao-Olaifa, the CFO of Leadway Holdings as a non-executive Director.

First Bank of Nigeria Limited, a subsidiary of FBN Holdings has undergone significant leadership changes since March 2024, when its MD resigned. Olusegun Alebiosu Appointed as The New Managing Director, of First Bank

Before Acting as the MD of the bank, Olusegun Alebiosu was an Executive Director with the bank, serving as the Chief Risk Officer and the Executive Compliance Officer of the bank since January 2022. He has been the Chief Risk Officer (CRO) of First Bank since 2016.

Before joining First Bank as the CRO in 2016, he was the CRO at Coronation Merchant Bank. He was also the Chief Credit Risk Officer at the African Development Bank Group and was the Deputy Chief Credit Risk Officer at UBA. His professional career commenced in 1991 with Oceanic Bank Plc (now Ecobank Plc).

He is an alumnus of the University of Lagos, where he obtained a Bachelor’s Degree in Industrial Relations and Personnel Management. Alebiosu then obtained a Master’s Degree in International Law and Diplomacy from the University of Lagos.

Alebiosu obtained a Master’s Degree in Development Studies from the London School of Economics and Political Science. He also completed the Advanced Management Program at Harvard Business School.

Management changes in 2024

In 2024, First Bank of Nigeria and its parent company, FBN Holdings underwent significant leadership changes, starting from January when Femi Otedola was appointed as Chairman of FBN Holdings.

After Otedola’s appointment as FBN Holdings chairman, on March 20, the group announced the appointment of new Non-Executive Directors (NEDs), including three new NEDs for First Bank of Nigeria. The new NEDs for First Bank were Remilekun Odunlami, Anil Dua, and Fatima Ibrahim Ali.

Then on April 20, 2024, the CEO of First Bank of Nigeria, Adesola Adeduntan resigned after nine years in charge of the bank, and the following day, April 21, Olusegun Alebiosu was appointed as the Acting Managing Director of the bank.

On May 9, 2024, Tunde Hassan-Odukale completed his tenure as the Chairman of First Bank of Nigeria, with Ebenezer Olufowose replacing him.

The appointment of Alao-Olaifa as a NED brings the total number of NEDs in First Bank to nine.

FBN Holdings posted a 2.65% loss in the NGX today, as its share price declined to N22.00, with its market capitalization closing at N790 billion.

Business

FCMB, Proparco Partner to Boost Women-Led Businesses, Agriculture

Published

20 hours ago

January 23, 2025

Samson Adeyanju

By Our Correspondent

First City Monument Bank (FCMB), and Proparco have strengthened their partnership with a $35 million senior credit line and two guarantees—ARIZ (€3 million) and EURIZ (€6 million)—signed on January 20, 2025.

The deal, facilitated under the European Union’s EFSD programme, aims to empower small and medium enterprises (SMEs), with a focus on agriculture (90%) and women-led businesses (10%).

This initiative enhances FCMB’s role as a leading SME bank in Nigeria and aligns with global development goals, such as SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth). The funding will support high-impact sectors, including agriculture and renewable energy, fostering job creation and economic progress.

Proparco Deputy CEO Djalal Khimdjee emphasized the partnership’s impact: “This collaboration enables the growth of SMEs, advances gender equality, and strengthens food security in Nigeria, building a sustainable and resilient economy.”

Since 2014, Proparco has supported FCMB in advancing Nigeria’s economic development. This latest collaboration reaffirms both institutions’ commitment to inclusive growth and sustainable economic transformation.

Business

Cardoso Vows to End Buying, Selling of Naira Notes

Published

2 days ago

January 22, 2025

Samson Adeyanju

By Our Correspondent

Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged decisive action to end the commoditization of the Naira, which has become prevalent across the country.

Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO), in Lagos, themed “Commoditization of Naira: The Way Forward,” Cardoso, represented by his Senior Special Adviser, Fatai Kareem, described the practice as a grave threat to Nigeria’s financial system and economic stability.

He noted that the Naira, beyond being a currency, represents the nation’s identity and its stability is essential for economic growth.

However, the growing trend of treating the Naira as a commodity undermines its role as a medium of exchange.

Cardoso highlighted strategies to combat the issue, including public awareness campaigns on responsible currency use, enhancing cash management systems to ensure fair distribution, enforcing regulations against offenders, and promoting digital payment systems to reduce cash dependency.

Chairman of CHBO, Abraham Aziegbe, attributed the commoditization of the Naira to cash shortages in recent years, which forced Nigerians to pay premiums for transactions.

He emphasized the need for robust measures to address cash scarcity and prevent hoarding by financial institutions.

Business

Abuja BDC Denies Money Laundering, Terrorism Financing Allegations

Published

2 weeks ago

January 13, 2025

Samson Adeyanju

By Emmanuel Ogbodo
Abdullahi Abubakar Dauran, outgoing chairman of the Wuse Zone 4 Bureau de Change (BDC), merchants association, has dismissed allegations that the group is involved in money laundering and terrorism financing.
Dauran described the claims as baseless, emphasizing that the association operates within Nigeria’s financial laws.
He also refuted reports suggesting the formation of a parallel BDC group, calling them fabrications.
He urged the public to disregard the allegations and warned The Nation and The Independent newspapers to retract their reports within 48 hours or face legal action.