FBN Holdings has approved the appointment of Olusegun Alebiosu as substantive Managing Director and Chief Executive Officer of First Bank of Nigeria, the group announced on 19 June 2024. The appointment is subject to the requisite approval of the Central Bank of Nigeria before it takes formal effect, in line with the regulatory requirements that govern all senior bank appointments across the Nigerian financial sector.
The board also confirmed that Ini Ebong would join the bank as Deputy Managing Director, broadening the senior leadership team at one of Nigeria's oldest and most systemically significant financial institutions. Both appointments signal the conclusion of a succession process at the top of First Bank, which has navigated a period of governance scrutiny and ownership changes in recent years.
BOARD BACKS ALEBIOSU FOR THE TOP ROLE
Olusegun Alebiosu's elevation to the substantive chief executive position ends what had been an acting or interim leadership arrangement at First Bank of Nigeria. His appointment by the FBN Holdings board represents the parent company's formal endorsement of his stewardship and signals confidence in continuity of strategy at the operating bank level. The board's unanimous support is expected to provide stability as the institution prepares for the next phase of its growth agenda.
First Bank of Nigeria is the flagship subsidiary of FBN Holdings and one of the largest commercial banks in sub-Saharan Africa by assets and branch network. A confirmed chief executive, once CBN approval is secured, provides the institution with a clearer leadership structure as it pursues growth in retail banking, digital services, and corporate lending across the Nigerian market and its wider African operations.
The appointment announcement was made public on 19 June 2024, and the bank said formal confirmation of the effective date would follow upon receipt of regulatory clearance. The CBN's approval process for senior banking executives typically involves a fit-and-proper assessment and a review of the candidate's qualifications and track record, and the outcome of that review will determine when Alebiosu officially assumes the role on a substantive basis.
INI EBONG NAMED DEPUTY MANAGING DIRECTOR
Alongside the CEO appointment, the board named Ini Ebong as Deputy Managing Director of First Bank of Nigeria. The dual announcement fills two of the most prominent positions in the bank's executive structure and provides both internal and external stakeholders with clarity on the leadership team that will guide the institution through the next phase of its development.
Nigeria's banking sector is operating under heightened regulatory scrutiny following a period of CBN directives aimed at strengthening governance, capital adequacy, and risk management practices across systemically important banks. Leadership stability at an institution of First Bank's scale carries significance not only for shareholders and customers but for broader confidence in the resilience of Nigeria's financial system as a whole.
FBN Holdings' decision to publicly announce both appointments simultaneously, before CBN approval has been formally granted, reflects the group's desire to provide transparency to the market and to employees at a time when clear succession signals are particularly valued. The bank indicated that further communications would be issued once regulatory confirmation is received and the appointments are formalised.