MON APRIL 22 2024-theGBJournal| The Board of Directors of FBN Holdings has appointed Mr. Olusegun Alebiosu as the Acting Chief Executive Officer of its flagship subsidiary, First Bank of Nigeria Limited, following the resignation of Dr. Adesola Adeduntan.
Alebiosu’s appointment ”takes effect immediately,” and subject to the approval of the Central Bank of Nigeria (CBN), the bank said.
Persons familiar with the control tussle within the 130 year banking institution say they believe that the resignation of Dr. Adesola Adeduntan, who is currently in Washington DC for the World/IMF Spring Meetings, was triggered by the CBN.
Recall that Adeduntan was removed as managing director/chief executive officer by the Board of Directors on April 28, 2021, and was however reinstated by the Governor of the CBN on April 29, a day after.
The CBN at the same time sacked the entire board of FBN Holdings Plc and First Bank of Nigeria citing insider abuse, insider credit and breakdown of corporate governance as reasons.
The Bank also cancelled its Extraordinary General Meeting (EGM) initially scheduled for April 30th, 2024.
Part of the meeting’s schedule was to get shareholders’ approval to raise N300 billion capital on the back of the latest bank capitalization directive by the CBN.
Alebiosu until his appointment was an Executive Director/Chief Risk Officer jointly. He is credited with leading the transformation of FirstBank over the past 8 years.
The Bank notes that, Alebiosu as an integral member of the team under Adeduntan leadership, is well placed to deliver on the bank’s strategic objectives.
The new acting managing director joined the FirstBank in 2016 and has over three decades of banking experience.
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