The Board of Directors of First Bank has appointed Segun Alebiosu, the Executive Director and Chief Risk Officer, as the acting Managing Director and Chief Executive Officer following the sudden resignation of Adesola Adeduntan.

Alebiosu, with over 28 years of experience in the banking and financial services industry, will serve in this interim role until clearance from the Central Bank of Nigeria (CBN) is obtained. The decision came after a board meeting convened to address the rapid developments following the cancellation of an extraordinary general meeting and Adeduntan's unexpected resignation.

Adeduntan, who communicated his resignation from Washington, is expected to formally hand over to Alebiosu on April 29 upon his return from the World Bank/IMF spring meetings.

Speculation surrounding Adeduntan's departure suggests a connection to the cancellation of the planned extraordinary general meeting aimed at approving capital raise plans. Despite expectations for Adeduntan to assume a Managing Director position at the HoldCo level, uncertainties arise due to regulatory approval status. Notably, Adeduntan's tenure faced scrutiny in 2021 when former directors voted for his retirement, only for him to be reinstated after the board's dismissal by the CBN Governor at the time, Godwin Emefiele.