Banking
First Bank Expands Board With Three Executive Directors
By Aduragbemi Omiyale
Three executive directors have been added to the board of First Bank Nigeria Limited, the flagship subsidiary of FBN Holdings Plc.
The financial institution said Mr Olusegun Alebiosu will join the board as the Executive Director, Risk Management & Executive Compliance Officer, Mr Oluwatosin Adewuyi as the Executive Director for Corporate Banking, and Mr Ini Ebong as the Executive Director for Treasury and International Banking.
Prior to this appointment, Mr Alebiosu was a Group Executive and the Chief Risk Officer of the First Bank Group, a role he had occupied since he joined the bank in September 2016.
As CRO, he was the Executive accountable for enabling the efficient and effective governance of significant risks, and related opportunities in First Bank and its subsidiaries.
Under his leadership, there has been a risk management transformation at the bank, significant improvement of our credit underwriting process with vintage NPL ratio of less than one per cent, reduction of our NPL ratio to sub-7% levels, significant recoveries, exemplary franchise protection and excellent stakeholder management.
In addition to his role as CRO, Mr Alebiosu is also the Executive Compliance Officer of the bank with the responsibility of ensuring the Bank complies with extant rules and regulations. With a career that has spanned about 30 years, he is an outstanding professional with a demonstrated commitment to the success of the franchise.
Prior to First Bank, he was the Chief Credit Officer at the African Development Bank (AfDB) where he led risk teams in various areas including financial institutions, trade finance (to support African Banks), and critical infrastructure projects across Africa.
Before then, he worked at the United Bank for Africa Plc in various risk capacities including credit policy, credit risk management, agriculture, trade, retail and specialized lending.
On his part, Mr Adewuyi was Group Executive, Corporate Banking where he was responsible for the bank’s corporate banking business following the exit of the previous Executive Director.
He was until recently Executive Director of FBNBank UK, a role he occupied when he joined the First Bank family in 2017. Under his leadership, the corporate banking franchise achieved significant growth in assets and net revenue.
He was also able to reposition the business and portfolio of FBNBank UK in line with the lender’s revised strategy for the franchise and pioneered collaborations between First Bank, FBNBank UK and its African subsidiaries via the Global Account Management program.
He is an international banker with over 20 years of experience covering sub-Saharan Africa. Tosin joined First Bank from J.P. Morgan, where he was a Managing Director and had been Head of its Nigeria Business for eight years.
In his role, he led 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 Sub-Saharan Africa with prior roles in trade finance, corporate banking, debt capital markets, financial institutions and correspondent banking.
Prior to 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.
As for Mr Ebong, he was the Group Executive in charge of the Treasury and International Banking at First Bank. In this role, he is responsible for the bank’s 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 non-bank financial institutions. Until recently, he was also responsible for the Structured Trade and Commodity Finance business.
Prior to joining First Bank, Mr Ebong was the Head of African Fixed Income and Local Markets Trading for Renaissance Capital. Prior to joining Renaissance Capital, he had worked in Citigroup for 14 years, predominantly in a market-facing and trading role where rose to the Head of Sales and Trading, and Country Treasurer.
Throughout his career in financial services spanning more than 25 years, he 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.
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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