First Bank Appoints Alebiosu, Adewuyi, Ebong Executive Directors

First Bank Appoints Alebiosu, Adewuyi, Ebong Executive Directors

The board of FBN Holdings Plc, on Wednesday, announced the appointment of Olusegun Alebiosu, Oluwatosin Adewuyi, and Ini Ebong as Executive Directors in charge of Risk Management & Executive Compliance Officer, Corporate Banking and Treasury, and International Banking respectively.

The appointment of the three additional EDs, who until now were group executives of the bank, the group said in a statement to the Nigerian Exchange Limited by Seye Kosoko, its company secretary explained, is subject to the approval of the Central Bank of Nigeria.

Alebiosu, the statement said, had been Group Executive and the Chief Risk Officer, accountable for enabling the efficient and effective governance of significant risks, and related opportunities in FirstBank and its subsidiaries, since joining the group in September 2016.

“Under his leadership, there has been a risk management transformation at the Bank, significant improvement of our credit underwriting process with vintage NPL ratio less than 1%, reduction of our NPL ratio to sub-7% levels, significant recoveries, exemplary franchise protection, and excellent stakeholder management.”

Besides that, he was Executive Compliance Officer, ensuring the bank complies with extant rules and regulations.

Before joining the bank, he was Chief Credit Officer at the African Development Bank Group (AfDB) where he led Risk teams in various areas including financial institutions, trade finance (to support African Banks), and critical infrastructure projects across Africa.

Prior to AfDB, the bachelors’ degree holder in Industrial Relations & Personnel Management from the University of Lagos, worked at the United Bank for Africa Plc in various risk capacities including credit policy, credit risk management, agriculture, trade, retail and specialized lending.

A Fellow of the Institute of Chartered Accountants of Nigeria (FCA), 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, his career path also traversed Omega Bank Plc, Peak Merchant Bank and Oceanic Bank Plc.

Adewuyi was responsible for the bank’s corporate banking business, following the exit of his processor, and until recently was Executive Director of FBNBank UK, a role he occupied when he joined the FirstBank family in 2017.

Under his leadership, the corporate banking franchise achieved significant growth in assets and net revenue, just as he was also able to reposition the business and portfolio of FBNBank UK in line with the group’s revised strategy for the franchise, pioneering collaborations between FirstBank and its banking subsidiaries via the Global Account Management programme, the statement added.

He joined FirstBank from J.P. Morgan, where he was a Managing Director and had been Head of its Nigeria Business for eight years, leading the execution of J.P. Morgan’s strategy for Nigeria and managed key client relationships including the Central Bank of Nigeria, Ministry of Finance, Debt Management Office, Nigerian Sovereign Investment Authority and top-tier Nigerian Banks. In addition to his Nigerian role, he was also the Head of Treasury Services (Cash Management and Trade) for SubSaharan Africa with prior roles in trade finance, corporate banking, debt capital markets, financial institutions, and correspondent banking.

Before joining J.P. Morgan, he worked at Standard Bank, London for about five years and qualified as a Certified Chartered Accountant during the four years he worked at KPMG.

Under his leadership, the corporate banking franchise achieved significant growth in assets and net revenue, just as he was also able to reposition the business and portfolio of FBNBank UK in line with the group’s revised strategy for the franchise, pioneering collaborations between FirstBank and its banking subsidiaries via the Global Account Management programme, the statement added.

A Fellow of the Association of Chartered Certified Accountants (FCCA), he holds a BA (Hons) in Economics and Accounting from the University of Manchester and is an Honorary Member of the Chartered Institute of Bankers.

Ebong was in his previous role responsible for FirstBank’ Treasury business, its international banking franchise across sub-Saharan Africa covering six countries (Democratic Republic of Congo, The Gambia, Ghana, Guinea Conakry, Senegal, and Sierra Leone), the Bank’s Custody business, servicing local and international clients, and the Bank’s Financial Institutions business, which covers its relationships with domestic and international correspondent banks, multilateral agencies, development finance institutions, and nonbank financial institutions.

Until recently, he was also responsible for the Structured Trade and Commodity Finance business and transformed the group’s legacy treasury service into a nimbler function and market-facing revenue-focused business consistent with is obtainable with regional and international peers, thus improving its contribution to the PBT.

“His efforts have also been critical to raising much-needed foreign exchange through Eurobonds and structured financing and derivative products. Since 2019 when the Sub-Saharan African (SSA) subsidiaries were brought under his purview, the franchise has grown consistently with SSA subsidiaries now contributing more than 20% of the FirstBank Group’s revenues,” the statement added.

He was previously Head of African Fixed Income and Local Markets Trading for Renaissance Capital, from where he joined FirstBank, before which he was at Citigroup for 14 years, predominantly in a market-facing and trading role where rose to the Head of Sales and Trading, and Country Treasurer.

In his career across the financial services spectrum spanning over 25 years, Ebong, with BSc and MSc in Architecture from the University of Ife, has had extensive experience in investment banking, financial markets, equity, and debt capital markets businesses, with work experience that covers trading, treasury, balance sheet management, and finance.

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