The News Agency of Nigeria (NAN) reported on Monday that investors reacted to a sudden change in the leadership of a major subsidiary of the Group, First Bank Nigeria, over the weekend.
First Bank, on Sunday appointed an acting Managing Director/Chief Executive Officer, Mr Olusegun Alebiosu, with immediate effect and subject to the approval of the Central Bank of Nigeria (CBN).
The appointment followed the resignation of the bank’s former Managing Director, Dr Adesola Adeduntan on Friday.
Reacting, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said FBN Holdings, is a stock that is widely held, and as a result, any change in its value has far reaching effect on the equities market.
Adonri stated that the precipitous decline of FBN Holdings stock recently, was a source of anxiety for retail investors.
He said: “While many other stocks have weakened recently in the banking sector as a result of the ongoing general market correction, the travail of FBNH appears to arise from erosion of investors’ confidence due to recent happenings in the bank.
Meanwhile, shareholders of FBN Holdings on Tuesday commended the proactiveness of the Group’s Board of Directors in appointing an acting Managing Director for First Bank Nigeria, emphasising the importance of continuity in the bank’s operations.
The shareholders expressed confidence in Alebiosu’s capabilities, citing his extensive experience within the bank and the broader financial sector.
Mr Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), expressed optimism that the resignation of the former managing director will not affect the growth trajectory or stability of the bank.
Okezie stated that this is because the new acting managing director, Alebiosu, is also a strong hand within the bank’s system.
Also, Mr Sunny Nwosu, former National Coordinator, Independent Shareholders Association of Nigeria (ISAN) expressed assurance that the acting CEO would excel in his new capacity, having been within the bank’s system with an impressive pedigree.
Nwosu said that Alebiosu would also excel with the support of the board Chairman, Mr Femi Otedola, who is also highly experienced and influential.
Alebiosu, until this appointment, was the Executive Director, Chief Risk Officer and Executive Compliance Officer of the bank since January 2022.
He has core competence also in oil and gas, project financing, agriculture, shipping and aviation.
Alebiosu completed his Bachelors in Industrial Relations and Personnel Management at the University of Lagos in 1990, after which he obtained a Masters in International Law and Diplomacy from the institution in 1997.
The new CEO started as a graduate at the defunct Oceanic Bank in 1991.
From 2006 to 2011, he served as the Group Head of Credit Policy and Product Programmes at the United Bank for Africa.
He later filled the role of Chief Credit Risk Officer at the Continental Development Finance Institution, African Development Bank, in 2011.
At Coronation Merchant Bank Ltd., where he served until 2015, he similarly led the company’s risk management unit.
An alumnus of Harvard Kennedy School of Governance, Alebiosu also holds a Master of Science degree in Development Studies from the London School of Economics.
He has been a chartered accountant for over two decades and a fellow of the Institute of Chartered Accountants of Nigeria (ICAN).
He is an associate of the Nigeria Institute of Management, a member of the Chartered Institute of Bankers of Nigeria, and a member of the Nigeria Institute of International Affairs.
The share price of FBN Holdings Plc, parent company of the First Bank of Nigeria Ltd, which opened on the floor of the Nigerian Exchange Ltd.(NGX) on Friday at N18.50, gained N1.85 to close at N20.35, following investors’ renewed interest.
