Segun Alebiosun, currently the Executive Director and Chief Risk Officer, is likely to become the acting Managing Director and Chief Executive of Nigeria’s oldest bank, First Bank. He will step into this role temporarily until a permanent CEO is appointed and approved by the Central Bank.
The decision comes after the sudden resignation of the former CEO, Sola Adeduntan, who announced his departure from the bank effective April 20 while attending meetings in Washington. There is speculation that Adeduntan may not return to his position, with sources suggesting that the board is unlikely to reinstate him, unlike in 2021 when he was reinstated after being ousted by the Central Bank Governor.
Alebiosun is expected to assume his new role on April 29, following Adeduntan’s return from the World Bank/IMF spring meetings. The board of the holding company will meet to assess recent developments, including the cancellation of a planned extraordinary general meeting.
Source: Business Day