When Legacy Meets Preparedness: Olusegun Alebiosu Charts FirstBank's Future

:Olusegun Alebiosu, CEO of FirstBank Group, leading the institution into a new era of growth and innovation, building upon its 130-year legacy.

LAGOS, Nigeria – What happens when a venerable institution, steeped in over a century of history and a tradition of "firsts," confronts a new era of challenges and opportunities? What results when its leadership baton is passed not to mere ambition, but to a profound sense of preparedness? The answer, as brilliantly demonstrated by Olusegun Alebiosu, the new Chief Executive Officer of FirstBank Group, is sustained excellence, strategic innovation, and a fortified legacy.

The world is replete with cautionary tales of legacies crumbling under the weight of unprepared leadership. Dynasties that have built immense wealth over generations can swiftly unravel with an ill-equipped heir. Nations, too, built by visionary leaders, have slid into oblivion when struck by the misfortune of poor governance, as leadership expert John Maxwell succinctly asserts: "Everything rises and falls with leadership." Organisations, similarly, have seen decades of meticulous growth jeopardized by new leaders unready for the mantle.

Yet, in the heart of Nigeria’s corporate landscape, a contrasting narrative is unfolding at First Bank of Nigeria Limited – an institution that stands as Nigeria's most enduring corporate organization, boasting an amazing legacy of pioneering achievements. About a year ago, this 130-year-plus institution, now under the parent company FBNHoldings (First HoldCo Plc), faced a critical leadership transition. Decision-makers were tasked with identifying a successor who could not only ensure seamless continuity but, crucially, possess the profound capacity to steer such a colossal ship, sustain its enviable legacies, and consolidate recent gains. The search was for steady hands and an astute mind – someone with an unblemished track record of performance, acute risk control, and strategic foresight.

Fortunately, fate had indeed prepared the ideal candidate from within.

A Leader Forged in Experience

Olusegun Alebiosu was no stranger to the intricate dynamics of financial risk and control within FirstBank. Having joined the institution in 2016 as Group Executive/Chief Risk Officer, he steadily ascended, becoming Executive Director/Chief Risk Officer and Executive Compliance Officer in January 2022. This trajectory positioned him perfectly.

Alebiosu brings to the helm nearly three decades of invaluable experience across the banking and financial services industry. His professional tapestry is rich with cross-functional exposure, encompassing credit risk management, financial planning and control, credit and marketing, and trade. His expertise spans diverse sectors, including corporate and commercial banking, agriculture financing, oil and gas, transportation (aviation and shipping), and complex project financing.

This deep-seated understanding of financial ecosystems, coupled with a robust risk management philosophy, made Alebiosu the obvious choice. Appointed substantive Chief Executive Officer of FirstBank Group in June 2024, after acting in that capacity since April 2024, he embodies the perfect blend of institutional knowledge and strategic vision needed to navigate the ever-changing landscape of the financial services industry. His commitment to leading the bank through a transformative period, emphasizing strategic consolidation, technological advancement, and market expansion, is unwavering.

Building on a Legacy of "Firsts"

Alebiosu's approach to sustaining FirstBank’s celebrated legacies, particularly its pioneering role in accelerating Nigeria’s digital payments (being the first bank to issue over 13 million cards to customers), is rooted in his vast professional journey. His career began in 1991 at Oceanic Bank Plc (now Ecobank Plc), followed by impactful stints as Chief Risk Officer at Coronation Merchant Bank, Chief Credit Risk Officer at African Development Bank Group, and Group Head, Credit Policy and Deputy Chief Credit Risk Officer at United Bank for Africa.

In less than a year as substantive CEO, Alebiosu's strategic consolidation efforts have unequivocally proven him to be a worthy successor, dispelling any notion of unpreparedness and validating the astute decision of the bank's leadership.

Recognizing that the bank’s human capital is paramount to sustaining its enduring legacies, Alebiosu has made significant investments in staff welfare. A comprehensive review of the bank’s compensation structure has been undertaken, positioning it within the 75th percentile of the industry. This strategic move aims to both retain top talent and attract the best minds in the financial sector. Under his leadership, the bank has witnessed the highest number of staff promotions across various grades in the last five years, with a remarkable 1,654 employees elevated in a single promotion cycle.

Furthermore, over 2,186 new hires have been recruited across key functions and subsidiaries, with a significant number deployed to the sales function to enhance service delivery for retail customers. Employee engagement has soared, with a high score of 86% achieved in the April 2025 WorkBuzz survey, reflecting the remarkable progress in promoting a positive and inclusive workplace culture.

This drive to reinforce a culture of inclusion and recognition has been accentuated by the launch of a group-wide culture transformation initiative, embedding core values of integrity, excellence, and innovation. It is further strengthened by a renewed focus on inclusion, collaboration, and high performance, epitomized by the FirstBank Employee Appreciation Day 2025, which featured a personalized video message from the CEO to all employees across the group. The bank's commitment to inclusion is also evidenced by the pioneering Mandarin Language School, designed to bolster its expansion into the Asian market.

Expanding Horizons: Digital, Physical, Global

Expansion forms a critical pillar of FirstBank's new strategic planning horizon under Alebiosu's visionary leadership. Commencing in 2025, this plan seeks to reinforce the bank’s market dominance across all operational regions and includes deliberate expansion into new markets both within and outside Africa.

Beyond geographical and horizontal growth, Alebiosu’s plan also targets a literal skyward expansion. This ambition was symbolically marked by the groundbreaking ceremony in March 2025 for the bank’s new green-certified, 44-storey iconic head office building in Eko Atlantic City, Lagos State – a testament to FirstBank’s forward-looking vision and commitment to sustainable growth.

Technological advancement is another core priority, with a massive push for accelerated process automation. This includes the large-scale adoption of robotics technology and artificial intelligence, poised to give FirstBank an unassailable competitive advantage. The bank has already deployed digital tools to enhance seamless account opening, optimized backend systems, and improved customer service delivery. Two additional Digital Experience Centres (DXCs) have been launched – one at Lekki Admiralty Way, Lagos, and another at its UNN branch in Nsukka, Enugu State. Furthermore, the bank’s agent network has expanded significantly to over 280,000, marking a 50,000 increase from its 230,000 agents in 2023.

Predictably, shareholders and stakeholders have been closely observing the bank’s strides under Alebiosu. The financial results for the year ended December 2024 speak volumes, with the after-tax profit of its parent company reaching its highest point in the last 12 years.

In resounding recognition of his achievements within such a short period and his exemplary leadership, Olusegun Alebiosu was recently honored at the World Business Organization's [Insert specific award name if available, otherwise just leave as "World Business Organization"]. This latest accolade is a powerful affirmation that when a rich legacy meets meticulous preparedness, the result is not just continuity, but accelerated progress and unparalleled success. FirstBank, under Olusegun Alebiosu, is not just maintaining its position; it is boldly redefining it for the future. 

By By Aniekan Ezekiel