Banking
First Bank Appoints Olusegun Alebiosu as Acting MD
By Adedapo Adesanya
First Bank of Nigeria has appointed Mr Olusegun Alebiosu as its acting managing director, following the exit of Mr Adesola Adeduntan from the helm of the tier-one Nigerian lender.
Mr Alebiosu has been the bank’s executive director/chief risk officer since 2022 and has been in the banking industry for nearly three decades, with expertise in credit marketing, trade, corporate and commercial banking, and credit risk management among others.
Mr Alebiosu takes the mantle from Mr Adeduntan, who surprisingly exited the role abruptly on Saturday even though he was due to complete his tenure in December.
Mr Adeduntan resigned from the financial institution to “pursue other interests” on Saturday, April 20, 2024, and the company could not hold its anticipated Extraordinary General Meeting (EGM).
“I have, however, decided to proceed on retirement with effect from April 20, 2024, to pursue other interests,” the veterinary doctor turned banker said in his resignation letter.
His exit comes almost three years after his first sacking by the bank under then Ms Ibukun Awosika but he was returned to the position shortly after by the Central Bank of Nigeria (CBN) under the then-governorship of Mr Godwin Emefiele, who removed Ms Awosika and Mr Oba Otudeko, who was then the chairman of FBN Holdings.
The decision to appoint Mr Alebiosu was reached on Sunday after a Saturday board meeting of the bank could not resolve the controversy surrounding Mr Adeduntan’s resignation.
Mr Alebiosu has core competence also in oil and gas, project financing, agriculture, shipping and aviation.
He 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 acting 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 (UBA). He would later fill the role of chief credit risk officer at the continental development finance institution, African Development Bank (AfDB), in 2011.
At Coronation Merchant Bank Limited, where he served until 2015, he similarly led the company’s risk management unit.
An alumnus of Harvard Kennedy School of Governance, Mr 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 now enjoys the status of fellow of the Institute of Chartered Accountants of Nigeria. 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.
He will be tasked with securing approval to source N300 billion from the capital market as the CBN mandated banks in the country to increase their capital bases as the country chases a $1 trillion economy.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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