By Ayomide Otitoju
In the world of corporate transitions, the consequences of leadership unpreparedness are all too familiar. Across dynasties, nations, and institutions, history is replete with tales of unworthy successors who squandered generational achievements. But in stark contrast stands the story of FirstBank of Nigeria Limited, where legacy met readiness in the appointment of Olusegun Alebiosu as Chief Executive Officer.
Following a leadership transition in 2024, FirstBank and its parent company, now First HoldCo Plc, faced a critical decision: to select a CEO capable of preserving the 130-year legacy of Nigeria’s oldest financial institution while steering it through the complex dynamics of a modern banking landscape. Among a pool of internal and external candidates, one name stood out — Olusegun Alebiosu.
Alebiosu, who joined FirstBank in 2016 as Group Executive and Chief Risk Officer, brought with him nearly three decades of banking experience spanning credit risk management, financial planning, compliance, and sector-specific financing across agriculture, oil and gas, transportation, and infrastructure. Prior to joining FirstBank, he held key roles at Coronation Merchant Bank, African Development Bank, and United Bank for Africa.
In April 2024, he was appointed Acting CEO, and by June, his role became substantive. Since then, Alebiosu has demonstrated not only his preparedness for the role but also his vision for building on FirstBank’s enduring legacies.
His early leadership has focused on strategic consolidation, digital transformation, and market expansion. Under his watch, FirstBank has continued to lead in digital banking, with over 13 million cards issued — a national first. The bank also launched two new Digital Experience Centres in Lagos and Enugu and expanded its agent banking network to over 280,000 agents, up from 230,000 in 2023.
Internally, Alebiosu has prioritized employee engagement and welfare. A sweeping review of compensation structures has positioned FirstBank within the 75th percentile of the industry, while a record 1,654 employees were promoted in a single cycle. Over 2,186 new hires were brought on board, many focused on boosting retail service delivery. Employee engagement surged, reflected in an 86% score in the April 2025 WorkBuzz survey.
Cultural transformation has also been central to Alebiosu’s agenda. A bank-wide initiative to embed values of integrity, excellence, and innovation is underway, supported by activities like the FirstBank Employee Appreciation Day and the introduction of a Mandarin Language School to support FirstBank’s growing interests in Asia.
On the strategic front, 2025 marked the beginning of a bold expansion phase. The bank is reinforcing its footprint across Africa and exploring new markets abroad. A symbol of this ambition is the launch of a 44-storey green-certified headquarters in Eko Atlantic City, Lagos, signifying FirstBank’s forward-looking growth agenda.
Digital innovation remains a cornerstone of Alebiosu’s leadership. Under his direction, the bank is aggressively scaling its adoption of artificial intelligence and robotic process automation to enhance service efficiency and customer experience.
These efforts are reflected in the bank’s financial performance. For the fiscal year ending December 2024, FirstBank posted its highest after-tax profit in 12 years — a testament to Alebiosu’s impact. His achievements have earned him notable accolades, including “Banking CEO of the Year – Nigeria 2025” from World Business Outlook Awards and the “Special African Banking Leadership Award” from African Leadership Magazine.
Olusegun Alebiosu’s leadership underscores the power of preparedness in preserving and advancing institutional legacy. As FirstBank navigates the future under his guidance, it does so not with the weight of its history, but with the momentum of a revitalized vision — one anchored in excellence, inclusion, and innovation.
