Major Nigerian lender First Bank confirms Olusegun Alebiosu new MD

AFRICAN STOCKS AND FINANCEJune 23, 2024 at 4:21 PM UTC

TLDR

First Bank of Nigeria appoints Olusegun Alebiosu as new Managing Director/CEO, with Ini Ebong named Deputy MD and Omotunde Alao-Olaifa as a non-executive Director.
Alebiosu transitioned from Acting MD since April 2024, succeeding former MD Adesola Adeduntan.
Leadership changes at First Bank of Nigeria Limited, a subsidiary of FBN Holdings, continue with key appointments.

First Bank of Nigeria, one of the country's largest, has appointed Olusegun Alebiosu as its new Managing Director/Chief Executive Officer. Alebiosu has been serving as the Acting Managing Director since April 2024, following the resignation of the former MD, Adesola Adeduntan.

In addition, the bank has named Ini Ebong as the Deputy Managing Director. Ebong was previously the Executive Director in charge of Treasury and International Banking since January 2022.

Furthermore, Omotunde Alao-Olaifa, the CFO of Leadway Holdings, has been appointed as a non-executive Director. These appointments come as part of a series of significant leadership changes at First Bank of Nigeria Limited, a subsidiary of FBN Holdings, following the resignation of its MD in March 2024.

Key Takeaways

The group reported its unaudited financial results for Q1 2024, showing a pre-tax profit of N238.5 billion ($171.5 million), a 325% increase from N56.1 billion in Q1 2023. The group's net income rose by 316% to N208.2 billion, up from N50.1 billion in the same period last year. This growth was driven by a 153% year-on-year increase in interest income, which reached N455 billion compared to N180 billion in Q1 2023. Despite this growth, the NGX-listed group posted an FX revaluation loss of N108.2 billion, offset by an FX trading income of N13.4 billion, resulting in a net FX loss of N94.8 billion.

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