First Bank appoints two new Executive Directors

Olusegun Alebiosu, Oluwatosin Adewuyi, and Ini Ebong have been appointed to the board of directors of First Bank of Nigeria Limited. Their appointments, however, are subject to the approval of the Nigerian Central Bank (CBN).

Alebiosu was previously the group executive and chief risk officer of FirstBank Group, having joined the bank in September 2016 as the chief credit officer of the African Development Bank Group (AfDB).

During his five years as the risk director of First Bank, the bank has undergone a risk management transformation, with a considerable improvement in its credit underwriting process and a vintage NPL ratio of less than 1%, as well as a reduction of our NPL ratio to sub-7% levels significant recoveries, exemplary franchise protection and excellent stakeholder management.

Alebiosu is the executive compliance officer, in addition to being the executive director of the risk directorate. He is responsible for ensuring that the bank follows all applicable rules and regulations.

He is a member of the Nigerian Institute of Management, an Associate of the Nigerian Institute of Management, a member of the Chartered Institute of Bankers of Nigeria, and a member of the Nigerian Institute of International Affairs (NIIA).

Alebiosu graduated from the University of Lagos with a bachelor’s degree in Industrial Relations and Personnel Management and a master’s degree in International Law and Diplomacy. He has attended various leadership, corporate risk management, compliance, assets and liability management, trade, exports, and sustainability banking courses and training programs.

Following the departure of the former executive director, Adewuyi was named group executive, corporate banking, with responsibility for handling the bank’s corporate and transaction banking divisions.

Adewuyi’s promotion to executive director is based on his outstanding performance and influence on the bank’s corporate banking franchise, which has seen significant asset and net revenue growth. He was most recently executive director, Business Development at FBNBank UK, the Group’s flagship subsidiary, where he played a key role in executing the bank’s new strategy and rebuilding the loan portfolio to fit more closely with the parent’s new risk appetite.

He is a sub-Saharan African-based international banker with over 20 years of expertise.

He came to First Bank from JP Morgan, where he was a managing director, after spending five years at Standard Bank in London and four years at KPMG, where he qualified as a certified chartered accountant.

Adewuyi graduated from the University of Manchester with a BA (Hons) in Economics and Accountancy. He is a Fellow of the Association of Chartered Certified Accountants (FCCA), an honorary member of the Chartered Institute of Bankers of Nigeria, and was named one of the top 100 prominent black individuals in the UK in the 2012 Power List – Business, Finance, and IT.

Prior to his promotion to executive director, Treasury and International Banking, Ebong worked at the bank as the group executive in charge of the treasury and international banking group. Under Ini’s direction, the bank’s heritage treasury department has been transformed into a more flexible function, one that is market-facing and revenue-focused, in line with global operational requirements, thereby increasing its contribution to the bank’s Profit Before Tax (PBT).

Since he took over the Sub-Saharan African (SSA) subsidiaries in 2019, the franchise has grown steadily, with SSA subsidiaries currently accounting for more than 20% of the First Bank Group’s income.

Ebong’s resume includes positions as Renaissance Capital’s head of African fixed income and local markets trading and Citibank Nigeria’s head of sales and trading, where he also served as the country treasurer. Ini has worked in investment banking, financial markets, equities and debt capital markets, as well as trading, treasury, balance sheet management, and finance, over the course of his nearly thirty-year career in the financial services industry.

Ebong is a licensed architect with degrees in architecture from the University of Ife (BSc and MSc) (now Obafemi Awolowo University). Throughout his career, he has also attended various leadership training courses.

Executive management techniques, advanced credit risk management, country risk assessment, crises management, treasury trading and balance sheet management, and market risk assessment in various locations worldwide.

“On behalf of the board, management, and staff of First Bank, we are happy with these appointments as it represents the vibrancy of our internal recruitment, ascension, and succession planning,” said Dr Adesola Adeduntan, chief executive officer of First Bank of Nigeria Limited.

“Olusegun, Oluwatosin, and Ini have all contributed significantly to the bank’s success over the years. Indeed, they have been instrumental in the Group’s sustained commitment to nation-building and the significant milestones we have achieved thus far, such as remaining at the forefront of financial inclusion and empowering SMEs.”

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