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 Aduragbemi Omiyale
Sterling Financial Holdings Company Plc has allotted shares from its public offer of 2025 to investors with valid applications.
The allotment follows the earlier receipt of final approval from the Central Bank of Nigeria (CBN) and the recent clearance by the Securities and Exchange Commission (SEC).
In September 2025, the financial institution offered for sale about 12,581,000,000 ordinary shares of 50 kobo each at N7.00 per share in public offer.
However, the exercise received wide participation from the investing public, with the company getting 18,280 applications for 16,839,524,401 ordinary shares valued at approximately N117.88 billion.
Following a thorough verification process, valid applications were received from 18,276 shareholders for a total of 13,812,239,000 ordinary shares, representing a subscription level of 109.79 per cent and reflecting sustained confidence in Sterling Holdco’s strategic direction, governance, and long-term growth prospects.
The firm approached the capital market for additional funds for the recapitalisation of its two flagship subsidiaries, Sterling Bank and The Alternative Bank.
The capital injection will support the commencement of full operations and contribute to the group’s revenue diversification objectives.
In line with the guidelines set out in the offer prospectus, Sterling Holdco confirmed that all valid applications will be allotted in full. Every investor who complied with the terms of the offer will receive all the shares for which they applied.
A very small number of applications were not processed or were partially rejected due to non-compliance with the offer terms, including duplicate payments and failure to meet the minimum subscription requirement of 1,000 units or its multiples, as stipulated in the offer documents.
The group ensures a seamless post-offer process, with refunds for excess or rejected applications, along with applicable interest, to be remitted via Real Time Gross Settlement or NIBSS Electronic Funds Transfer directly to the bank accounts detailed in the application forms.
Simultaneously, the electronic allotment of shares has be credited to successful shareholders’ accounts with the Central Securities Clearing System (CSCS) on February 17, and for applicants who do not currently have CSCS accounts, their allotted shares will be temporarily held in a registrar-managed pool account pending the submission of their completed account opening documentation to Pace Registrars Limited, after which the shares will be transferred to their personal CSCS accounts.
By Modupe Gbadeyanka
To drive inclusive growth, strengthen financial stability, and deepen global financial integration across developing economies, there must be coordinated reforms in digital cross-border payments.
This was the submission of the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, at the G‑24 Technical Group Meetings in Abuja on Thursday, February 19, 2026.
According to him, high remittance costs, settlement delays, fragmented systems, and heavy compliance burdens still limit the participation of households and Micro, Small and Medium Enterprises (MSMEs) in global trade.
The central banker emphasised that efficient payment systems are essential for economic inclusion, highlighting that global remittance corridors still incur average costs above 6 per cent, with settlement delays of several days, excluding millions from modern economic activity.
Mr Cardoso cautioned that while digital payments present significant opportunities, they also carry risks such as currency substitution, weakened monetary transmission, increased FX volatility, capital-flow pressures, and regulatory fragmentation.
The G-24 TGM 2026, themed Mobilising finance for sustainable, inclusive, and job-rich transformation, convened global financial stakeholders to advance the modernisation of finance in support of emerging and developing economies.
The CBN chief reaffirmed Nigeria’s commitment to working with G-24 members, the IMF, the World Bank Group, and other partners to build a more inclusive, resilient, and development-oriented global financial architecture.
“We have strengthened our AML/CFT frameworks in line with FATF guidelines, requiring strict dual-screening of cross-border transactions to mitigate risks.
“To deepen regional integration, the CBN introduced simplified KYC/AML requirements for low-value cross-border transactions to encourage broader participation in PAPSS, easing processes for Nigerian SMEs and enabling faster intra-African trade payments.
“We have also embraced fintech innovation through our Regulatory Sandbox, allowing payment-focused fintechs to test secure, instant cross-border solutions under close CBN supervision,” he disclosed.
By Modupe Gbadeyanka
The merger and business combination between Unity Bank Plc and Providus Bank Limited remains firmly on course, a statement from one of the parties disclosed.
According to Unity Bank, there is no iota of truth in reports in certain sections of the media suggesting that the merger process had stalled, as the transaction remains firmly on track.
It was disclosed that the necessary regulatory steps have been completed, but only a few other steps to finalise the transaction, especially the final court sanction.
There had been speculations that both lenders may not meet the new minimum capital requirement of the Central Bank of Nigeria (CBN) before the March 31, 2026, deadline.
However, it was noted that the combined capital base of Unity Bank and Providus Bank exceeds N200 billion, which is the minimum requirement to retain a national banking licence under the CBN’s recapitalisation framework.
When completed, the Unity-Providus merger is expected to deliver a stronger, more competitive, and customer-centric financial institution — one with the scale, innovation, and reach to redefine the retail and SME banking landscape in Nigeria.
“The merger with Providus Bank significantly enhances our capital base, operational capacity, and strategic positioning.
“We are confident that the combined institution will be better equipped to support economic growth and deliver innovative financial solutions across Nigeria,” the chief executive of Unity Bank, Mr Ebenezer Kolawole, stated.
Recall that a few months ago, shareholders authorised the merger between the two entities at Court-Ordered Meetings. They also adopted the scheme of merger at their respective Extraordinary General Meetings (EGMs) in September 2025,
The central bank also backed the merger, with a pivotal financial accommodation to support the transaction. The merger also received a further boost with a “no objection” nod from the Securities and Exchange Commission (SEC).
The regulatory approvals form part of broader efforts to strengthen the resilience of Nigeria’s banking system, reinforce capital adequacy across the sector, and mitigate potential systemic risks.
The development positions the combined entity among the 21 banks that have satisfied the apex bank’s new capital threshold for national banking operations.
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