The world abounds in examples of this distressing situation. A dynasty that has built wealth from generation to generation, with its illustrious heirs providing generational leadership, finds itself in a strange phase where an ill-prepared heir takes over the reins and in that same generation, not the next, wipes out the entire family fortune built over several generations.

We see the same thing with nations. History is replete with examples of great nations built by great leaders, which slid into oblivion when they were hit by arguably the greatest misfortune that ever befalls humanity – bad leadership. It is the reason American author and leadership expert John Maxwell asserts, “Everything rises and falls with leadership.”

As with nations, so with organisations. We see organisations that have thrived for decades and over several generations, get a new leader who is not prepared for such leadership, and the leader pushes the organisation to the brink of collapse.

Contrast this picture with the situation at Nigeria’s most enduring corporate organisation with the most amazing legacies of firsts, First Bank of Nigeria Limited, which witnessed a leadership transition about a year ago.

Faced with a number of quality options in and outside the then management team, the decision-makers at the bank and its parent company

, now First HoldCo Plc, had to be clear-minded about who could become the new Chief Executive Officer of FirstBank Group.

Equally important as the need for continuity was the non-negotiable requirement for capacity to manage the ship of the 130-years-plus institution to sustain its enviable legacies and consolidate the gains made in recent years.

The search was for someone with a steady head and hands (talk of risk control and mitigation), in addition to an excellent track record of sterling performance and achievements.

Fortunately, fate was on their side. They did not have to look outside. Right there before them was someone who understood all kinds of risks and how to control and mitigate them.

He had been with FirstBank since 2016 when he joined as Group Executive / Chief Risk Officer. Then in January 2022 he was elevated to Executive Director / Chief Risk Officer and Executive Compliance Officer.

This man has given nearly three decades of his working life to the banking and financial services industry.

He has under his belt a rich tapestry of cross-functional experience in credit risk management, financial planning and control, credit and marketing, and trade.

His cross-functional exposure also includes corporate and commercial banking, agriculture financing, oil and gas, transportation, including aviation and shipping, and project financing

Meet Olusegun Alebiosu, the man history had prepared and the one decision-makers chose among the quality options.

He was appointed substantive Chief Executive Officer of FirstBank Group in June 2024, having acted in that capacity since April 2024 when the former CEO left.

Determined to build on the bank’s legacies while navigating the ever-changing landscape of the financial services industry, Alebiosu has shown unwavering commitment to lead the bank through a transformative period that places emphasis on strategic consolidation, technological advancement and market expansion.

Alebiosu’s approach to sustaining the legacies of firsts at FirstBank, which has been at the vanguard of accelerating Nigeria’s digital payments as the first bank to issue over 13 million cards to customers, draws from his vast professional experience which began with Oceanic Bank Plc, now Ecobank Plc, in 1991.

Between then and joining FirstBank in 2016, he had worked at Coronation Merchant Bank as Chief Risk Officer, at African Development Bank Group as Chief Credit Risk Officer and at United Bank for Africa as Group Head, Credit Policy and Deputy Chief Credit Risk Officer.

Under one year of his appointment as substantive CEO of FirstBank, Alebiosu’s strategic consolidation efforts have demonstrated that he is a worthy successor, not an ill-prepared or unprepared one, proving the decision-makers right.

Understanding the critical role of its human capital in sustaining the bank’s legacies, Alebiosu has invested himself and the bank’s resources in promoting staff welfare.

A comprehensive review of the bank’s compensation structure was undertaken to position it within the 75th percentile of the industry, making the bank more retentive of, and attractive to, the best talents.

The highest number of staff promotions across various grades in the last five years has happened under Alebiosu’s watch, with 1,654 employees being elevated in one single promotion cycle.

Under his leadership, over 2,186 new hires have been recruited across key functions and subsidiaries, with a large number of them deployed to the sales function to ensure that retail customers are adequately served.

Staff are now more engaged based on the high employee engagement score of 86% achieved in the April 2025 WorkBuzz survey, indicating remarkable progress in the bank’s multi-pronged efforts to promote 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 with the goal of embedding the core values of integrity, excellence and innovation. It has also been strengthened by a renewed focus on inclusion, collaboration and high performance.

Also contributing was the staging of a FirstBank Employee Appreciation Day 2025 featuring, among others, a personalised appreciation video message from the CEO to all employees across the group throughout Africa and beyond.

The inclusion message is further boosted by the launch of the inaugural edition of the bank’s pioneering initiative, Mandarin Language School, to bolster the bank’s expansion in the Asian market.

Expansion is a critical plank in FirstBank’s new strategic planning horizon, under Alebiosu’s leadership. Taking off this 2025, the plan seeks to reinforce the bank’s market dominance across all operational regions and it includes deliberate expansion into new markets within and outside Africa.

Beyond geographical and horizontal expansion, Alebiosu’s plan has also targeted a skyward expansion. Or how else does one describe 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?

Alebiosu is also prioritising the acceleration of process automation in recognition of the importance of digital transformation.

It is a massive push for technological advancement that includes adopting robotics technology and artificial intelligence at scale, to give the bank an unassailable competitive advantage among its peers in the industry.

The bank has deployed digital tools to enhance seamless account opening and optimised backend systems and customer service delivery. Two additional Digital Experience Centres (DXCs) have been launched – one at Lekki Admiralty Way, Lagos State and the other at its UNN branch, Nsukka, Enugu State.

Also, the bank’s agent network has expanded to over 280,000, a 50,000 increase from the 230,000 agents it had in 2023.

As expected, shareholders, among other stakeholders, have been observing the strides the bank has been making under Alebiosu’s leadership, with a keen eye on the numbers. Fortunately, again, the bank’s results for the financial year ended December 2024 speak volumes, with after-tax profit of its parent company rising to the highest point it has reached in the last 12 years, according to the company’s latest financial statement.

In recognition of his achievements within such a short period and his exemplary leadership, Alebiosu was honoured at the World Business Outlook Awards as “Banking CEO of the Year – Nigeria 2025”.

He has also been honoured with the “Special African Banking Leadership Award” by African Leadership Magazine. This was in 2024.

The story of Alebiosu’s leadership at FirstBank has clearly been one of preparedness meeting legacy. Working with the board and management team, he has consistently sustained the bank’s legacies and also consolidated its recent gains in ways that will ensure the gains keep compounding.

FirstBank, more than ever before, is poised for greater intra- and intercontinental growth and impact in the years ahead.

This ambitious project 40-story building project set to be the tallest building in Nigeria, will be an engineering and environmental delight due to its technologically advanced, eco-friendly and sophisticated construction which would set a new standard for the financial services sector in Africa.

The groundbreaking ceremony signifies the beginning of a transformative journey that reinforces FirstBank’s commitment to excellence, innovation, and customer satisfaction.

The new headquarters is designed with sustainability in mind, featuring a green-certified building that reduces operational costs and positions FirstBank as a leader in sustainable banking practices.

According to Olusegun Alebiosu, CEO, FirstBank Group,

“We are proud to mark this significant milestone in our journey towards excellence. Our new Head Office is envisioned as a world-class structure that represents our dedication to innovation, customer satisfaction, and sustainability. We believe that this development will play a crucial role in fostering economic growth and development across Africa, creating long-term value for all our stakeholders.”

With a legacy spanning over 130 years, FirstBank has consistently demonstrated its commitment to innovation, customer-centricity, and sustainable business practices.

The Bank has a robust international presence, operating subsidiaries in nine countries across three continents.

Femi Otedola, chairman, FirstHoldCo, added,

“Today’s gathering highlights the importance of collaboration and support from various sectors in bringing our ambitious plans for the new headquarters to life. We appreciate the unrelenting support from our customers and stakeholders as we work together to turn this vision into reality.”

The groundbreaking ceremony for the FirstBank new headquarters will be attended by prominent dignitaries, including the President of the Federal Republic of Nigeria, Senator Bola Ahmed Tinubu, Senators and Lawmakers, State Governors, Federal Ministers and Captains of industry .

This event marks the beginning of an exciting new chapter in FirstBank’s storied history, solidifying its role as a leader in the African financial industry.

These appointments reflect the NESG’s steadfast dedication to promoting visionary leadership and strengthening partnerships with key business leaders and private sector stakeholders. The addition of these accomplished professionals is expected to drive strategic initiatives aimed at transforming and advancing Nigeria’s economic landscape.

Wole Adeniyi is the Chief Executive Officer of Stanbic IBTC Bank Ltd and is responsible for driving the institution’s strategy across her Technology, Digital Transformation, Corporate & Investment Banking arm, and Retail banking arm. Before assuming this role, he was the Deputy Chief Executive Officer of the Bank.

Until July 2020, he was Executive Director of personal and business banking retail and commercial banking business of Stanbic IBTC Holdings PLC that covers personal banking, including private banking, business (sole proprietor to SME) and commercial segments.

Until November 2018, Wole was Executive Director, Operations responsible for Operations, Group Real Estate Service and Procurement and Business Transformation Program for the Bank.

Before this appointment, he served as Executive Director of Business Support until November 2011. Wole has a wealth of banking experience spanning almost three decades in technology & digital transformation, domestic and international banking operations, program management, and retail banking.

He is credited with formulating and deploying strategies to help turn around Stanbic Bank Nigeria’s Operations and Technology.

Wole sits on the Nigeria-Interbank Settlement System PLC (NIBBS) board. He holds a first-class degree in Business Administration from the University of Benin and an MBA in Business Administration from the University of Manchester. He is a Fellow of the Institute of Chartered Accountants of Nigeria, an Associate of the Chartered Institute of Taxation and a Certified Information Systems Auditor.

Mohamad Darwish has over 20 years of experience working in the telecommunications sector and is IHS Nigeria’s Chief Executive Officer, overseeing IHS Tower’s largest market.

Mohamad Darwish has worked in various finance and technical functions and served as the Business Development Director and Deputy CEO before becoming the CEO of IHS Nigeria.

Mohamad is responsible for leading the team committed to growing IHS Nigeria’s operations and further strengthening its position as the leading tower company in Nigeria. He oversees the development of the IHS Nigeria strategic plan and the rollout of new sales strategies and manages key relationships with clients, regulators, ministries and NGOs.

As a member of the IHS Finance and Banking, Risk Management, Ethics, and Compliance committees, Mohamad also focuses on defining IHS Towers’ strategic plans on a group level while ensuring full compliance with international standards and best practices.

Mohamad is deeply committed to initiatives and programs that position African countries globally, inspire long-term economic growth, and promote sustainable business behaviour.

Mohamad holds a Master of Engineering in Applied Operation Research from Cornell University, a Master of Business Administration with Honours from Rollins College, and a Bachelor of Electrical Engineering from the American University of Beirut.

Olusegun Alebiosu was appointed the Managing Director/Chief Executive Officer of FirstBank of Nigeria Limited in June 2024. In addition to this role, he serves as a Non-Executive Director of FirstBank UK, further solidifying his leadership presence across the group’s international operations.

With over 28 years of experience in the Banking and Financial Services industry, Olusegun has demonstrated exceptional expertise and leadership in various roles. Between 2016 and 2024, he served as Executive Director, Chief Risk Officer, and Executive Compliance Officer at FirstBank.

His professional experience spans various disciplines, including credit risk management, financial planning and control, trade, corporate and commercial banking, agriculture financing, oil and gas, transportation (aviation and shipping), and project financing.

An accomplished academic, Olusegun is an alumnus of Harvard Business School, where he completed the Advanced Management Program and the Harvard Kennedy School of Government.

He holds a bachelor’s degree in industrial relations and Personnel Management and a master’s in international law and diplomacy from the University of Lagos.

Additionally, he earned a master’s degree in development studies from the London School of Economics and Political Science. Beyond the boardroom, Olusegun is an avid golfer and adventurer. He is happily married and a proud father, balancing his professional achievements with a fulfilling personal life.

But there is much more to where the premier bank stands in core banking and its profitability is not a mere accretion of transaction charges but that it has also increased its commitment to financial intermediation. In the three quarters, its interest income, which gives a clue of sustainable profit run, grew by as much as 165 per cent to N1.63 trillion.

And these are not just a random progression, neither are they products of white noise in its corporate journey.

It has shown consistency of growth in both top and bottom-line metrics in the last few years, giving an expression to the tagging of its post-2015 crisis era as the ‘decade of miracle’ in the investment market.

For instance, from 2019 to 2023, its most recent audited financial, its EPS has expanded by over fourfold – from 195 kobo to 859 kobo, one of the fastest growing in Nigeria’s capital market.

In the same period, it grew its yearly operating profit by over 320 per cent, from a mere N73.8 billion to N310.5 billion.

On the top line, its earnings nearly tripled, growing from N623 billion to N1.6 trillion in five years, during which its total assets jumped by N10.7 trillion to close last year at N16.94 trillion.

In the half-decade, according to data obtained from its books, its total shareholder’s equity even grew faster – expanding from N661 billion to N1.75 trillion or 163 per cent.

As a key growth driver, its loans to customers saw a whopping rise of 243 per cent in the period to hit N6.36 trillion as of December 2023. Its facilities, according to information gleaned from its financials are spread across key sectors, including oil and gas, manufacturing, agriculture, agro services, construction, and real estate among others.

Whereas the five-year cycle has demonstrated robust growth, last year’s operations demonstrated even more resilience with the awaited full-year result promising to trump the previous ones.

On key profitability indices, last year’s nine months exceeded the 2023 comparative period or full year by wide margins.

For instance, its earnings in the first nine months of 2024 were N2.25 trillion or N655 billion higher than the entire 2023 figure and 134 per cent higher than its comparative period, pointing to an annualised gross of N2.8 trillion.

While the interest income showed remarkable growth, its non-interest income was also 82 per cent up from the 2023 three quarters’ N320.5 billion.

The lender’s recent migration to transaction-led banking is paying off with the reinvention of its digital payment system. At the close of last September, First Mobile subscribers had hit 6.9 million while over 23 million had subscribed to a potpourri of online platforms.

With its new 10-year vision, which was articulated in 2023, billed to consolidate these gains, the ‘decade of miracle’ might as well serve as the launch pad of the new FirstBank.

But the recent boardroom intrigue and the dispute with General Hydrocarbons Limited (GHL) are a costly distraction the bank cannot afford.

Hence, many stakeholders are seeking faster and less confrontational solutions to the crisis.

Amidst the conflicts, Olusegun Alebiosu, the chief executive of FirstBank Group, described a 10-year vision of the bank as a major stand in its Vision 2033, which would push the Nigerian premier financial institution to top three universal banks in Africa across retail, wholesale and wealth management customer segments.

“Given that the 10-year vision aspiration is still very market-relevant, and I was also an integral part of the process that birthed it, I intend to focus on ensuring its disciplined execution during my tenure as the Chief Executive Officer.

“As the CEO, I have a clear vision for FirstBank Group, and I am confident that with the strong support of the rest of the management team and board, we will deliver a franchise that will continue to be the pride of Nigeria and Africa within the financial services landscape,” the chief executive, who has told the market that his risk management background means nothing short of sustainable growth, said.

At the 12th AGM of FBNHoldings held on 14th November 2024, shareholders approved another N350 billion capital raise action, which the bank said would be executed in a blend of approaches this year.

Plus, with the previous N150 billion rights issues, FirstBank is expected to exceed the new N500 billion minimum capital requirements well ahead of the 2026 deadline to keep its international licence.

A major speed slowing the pace of the traditional banks today is the natural advantage that digital-first banks like Opay, MoniePoint and others have been cloud-natives.

Sadly, the brick-and-mortar toga poses a legacy constraint for traditional banks. But FirstBank, the first fruit of the conventional banks, has gone ahead with a digital evolution campaign.

Today, the CEO said, over 90 per cent of FirstBank’s customer-induced transactions happen on the digital channels – FirstMobile, FirstOnline, Lit App, *894#, FirstDirect and ATMs, where it has a comparative advantage.

“As the bank implements its cloud strategy, we are focused on building a nimbler, always-on and resilient financial services group that leverages its rich legacy to serve its customers’ current and emerging needs,” Alebiosu believes.

Interestingly, 2025 is the take-off of the bank’s 2025 to 2029 strategic planning cycle. The bank intends to “double down” on its dominant position across all the markets where we operate.

Part of the programme is strategic investments to improve customer experience to make it easier for existing and prospective customers to interact and do business on its offline and digital platform, deploying new technologies and ramping up artificial intelligence deployment to scale up digital operations.

But as it turns out, FirstBank and its sister organisations also have a responsibility to urgently put behind the current distractions to continue consolidating the gains of the ‘decade of miracle’.

[Culled From The Guardian]

In this interview, Mr. Olusegun Alebiosu, the bank’s managing director/chief executive officer, described 2025 as the beginning of the bank’s new strategic planning horizon when it is poised to double down on its market dominance position across all the markets where the bank operates.

What’s your view on the global economic outlook in 2025, and what implications does this have for FirstBank’s strategy?

In line with the views of most analysts, the current global economic growth trajectory should continue in 2025. Indeed, the International Monetary Fund (IMF) forecasts the global economy to grow at about the same rate of 3.2% at which it is estimated to have grown in 2024.

Also, I expect the inflation rate to continue to decline across the major global economies such as in the United States of America, United Kingdom, China, etc., and as such, interest rate normalization in these key markets is expected to continue. This should create opportunities for most emerging markets.

However, major risks to this forecast exist in terms of the ongoing geopolitical tensions around the world and its likelihood to worsen depending on the extent of some of the expected actions of the incoming President Donald Trump of the United States of America. Severe trade sanctions and tariff impositions in China might further repress global productivity and taper real global growth in 2025.

Given this context, FirstBank’s plans for 2025 are aligned towards positioning for this global economic growth by strengthening the Bank’s intermediation and facilitation role across all our markets in a way that empowers every customer segment to achieve their objectives for the new year. To this end, we are enhancing our value propositions across each customer segment to fully reflect and capture the opportunities we see in the external operating environment.

What opportunities and challenges do you see for African economies in 2025, and how will FirstBank capitalize on these trends?

Across many African economies, especially in Sub-Saharan Africa, rising inflationary pressures and currency depreciation characterized most of 2024. These realities led to significant increases in interest rates by the monetary authorities to curb the surging inflation rate.

Similarly, to correct fiscal imbalances, several African countries, such as Nigeria, South Africa, Kenya, etc., pursued major reforms which are aimed at repositioning the economies on a path of predictable progress, despite the immediate pains caused by these reforms.

Therefore, going into 2025, the general expectation is that inflation and interest rates will reduce, albeit at a much slower pace than projected for the advanced global economies. The reforms are also expected to have yielded more visible signs of progress, thereby improving the overall resilience of these economies.

As a Bank with a Pan-African focus, FirstBank is prepared to support Africa through this journey to economic stability by providing relevant products and services to every sector of the economy. Our suite of consumer and business products can provide immediate relief for households and Micro, Small & Medium Enterprises (MSMEs).

FirstBank also possesses deep technical capabilities and a rich bouquet of investments, collections and payment products that can support various governments’ aspirations for the revitalization of their local economies.

Nigeria’s proposed 2025 budget has significantly increased by 74.18% aimed at addressing developmental challenges. With this in perspective, what are your expectations for Nigeria’s economic performance in 2025, and how will FirstBank respond to potential challenges or opportunities?

The Federal Government of Nigeria (FGN) has proposed and submitted an NGN49.7 trillion 2025 Appropriation Bill to the National Assembly. This budget, the highest in the nation’s history in nominal terms, is on the back of an improved Government revenues position and the need to address critical developmental challenges confronting the nation.

With the proposed significant allocations to critical Ministries such as Health, Education, Defence, Power, Works, etc., and the NGN13.39 trillion deficit financing proposed in the budget, the economic expansionary intent of the 2025 Appropriation Bill is unmistakable.

Therefore, I expect that the 2025 national budget will sufficiently stimulate economic activities and lead to increased economic outputs within the year. Also, the growing revenue generation capacity of the Government reduces the likelihood of poor budget implementation which has plagued previous budget performances.

As the premier financial institution in Nigeria, we are keenly aware of the opportunities that the Nigerian market presents to us, and we are poised to take advantage of them leveraging our unparalleled local knowledge and suite of innovative financial services and products.

What role do you envision technology, and innovation would be playing in shaping the banking industry in 2025, and how will FirstBank stay ahead of the curve?

I believe it has become quite apparent to all stakeholders in the financial services industry that “digital” is the future of banking. Not only is “digital” the future, but it is also gradually becoming the primary means by which financial services and products are delivered and consumed, even today.

In 2025, I expect this trend to continue with the growing adoption of Digital Financial Services (DFS) among the banking populace. DFS will also be very critical if the significant financial inclusion gaps that still exist in the country (and indeed on the continent) are to be closed in record time.

The appeal for the infusion of technology into the delivery and consumption process of financial services and products stems from the ability of technology to confer significant scale on banking operations and deliver the ultimate customer experience at the same time. These advantages will remain relevant in 2025 and beyond.

As a Bank that has pioneered several innovations on the Nigerian banking landscape, such as the first to introduce ATMs in 1991; the first to introduce instant debit card issuance; the first to launch a wholly human-less branch with the FirstBank Digital Xperience Centers in 2021, etc., FirstBank is already ahead of the curve.

FirstBank has also taken proactive steps to institutionalize innovation with the establishment of Nigeria’s first-ever fully-fledged Digital Innovation Lab in 2018 to ensure we continue to curate products and services that not only meet the needs of our customers today but also their future needs.

What policies had the most overwhelming impacts on banking in 2024?

While several monetary and fiscal policies impacted the operations of Nigerian banks in 2024, in my opinion, two policies probably had the most impact on banks in the outgoing year – the successive increases in Cash Reserve Ratio (CRR) for Commercial Banks from 32.5% in January 2024 to the current 50% and the Central Bank of Nigeria’s (CBN) announcement of new minimum capital requirements for all categories of banks in March 2024.

As part of its efforts towards taming inflationary pressures, the CBN’s Monetary Policy Committee (MPC) has rightfully increased the CRR to reduce the overall money supply in the economy and in so doing, generally curtailed banks’ ability to create money via lending activities or pursue other investments as the banks would have loved to.

With the CRR at 50%, only half of customer deposits within the banking system are available for banks’ use.

Also, in support of the FGN’s objective to build a $1 trillion economy by 2030, the CBN announced new minimum capital thresholds, requiring, for example, banks with international license (like FirstBank) to have at least NGN500 billion in paid-up capital by 31st March 2026. This directive is responsible for the flurry of capital market activities which you have seen among banks over the last few months.

Last year, most banks posted extraordinary FX gains, at a time when many manufacturers were wallowing in FX losses. This raised a question on the relationship between banks’ profitability and economic prosperity with some even insinuating the banks even profit from the misery of the people. Do you think otherwise?

While I understand the optics and sentiments around these insinuations, I must strongly state that they are not well-placed. In line with the fundamentals of the formal banking systems, banks are mere financial intermediaries that facilitate the exchange of value between economic units.

In support of the real economy and at a time of significant FX paucity, Nigerian banks deployed their balance sheets to fund the importation of raw materials required by local manufacturers, thus helping to keep factory doors open at one of the direst FX periods in the nation’s recent history.

The advent of the current administration and the move to float the currency impacted everyone within the economy. However, since banks have created assets in foreign currencies to support local manufacturing, it therefore means manufacturers would have liabilities in foreign currencies. Hence, the decision to float the naira would naturally impact both parties in opposite directions. The reverse scenario would have been the case had the domestic currency significantly appreciated during this period.

Nevertheless, I am aware that most banks have adopted several measures (including availing of naira funding to enable manufacturers to exit the volatile FX positions) that are aimed at providing necessary cushions for some of the affected manufacturers.

What are FirstBank’s strategic priorities for 2025, and how will you allocate resources to achieve these goals?

Coincidentally, 2025 marks the beginning of our new strategic planning horizon (that is the 2025 – 2029 strategic planning cycle) which is a period we intend to double down on our market dominance position across all the markets where we operate.

In line with this broad objective, we have identified a few priorities for the FirstBank Group beginning in 2025. Specifically, we would be making necessary investments to elevate customer experience across all our touch points to make it easier for existing and prospective customers to interact and do business with us.

The Bank would also be accelerating its process automation program (including the adoption of robotics technology and Artificial Intelligence, at scale) to gain a distinct competitive advantage in the industry. In addition, commencing from 2025, we intend to deliberately pursue our expansion plans which will see us entering new markets both within and outside of the continent.

At FirstBank Group, we are very excited about the next strategic plan cycle, which is commencing in 2025, and we are confident that the strides we will be making will translate to an undisputable market leadership position for us.

One of the key impacts of high inflation is increased cost of production with businesses facing the challenges of being unable to thrive. How will Nigerian banks assist operators of small and medium-scale enterprises which form the bulk of businesses in Nigeria?

First, it is important to point out that the high cost of operations affects businesses across all sectors (including banking) as we all operate within the same environment.

Given this reality, all businesses should be exploring creative ways to stay afloat whilst keeping operational costs under control.

Nevertheless, Small and Medium Enterprises (SMEs) might be particularly more vulnerable given the fragility of their business dynamics.

In this regard, they might benefit from critical skills and development initiatives organized by banks (such as the SME Connect Hub from FirstBank) to acquire relevant insights and cost-saving ideas required to thrive during this period.

In addition, opportunities for concessioned funding from commercial banks or other developmental partners may arise from time to time for longer-term capital projects while the traditional commercial lending facilities might be targeted for shorter-term transaction-based business funding activities.

Finally, the current economic realities highlight the need for businesses to be more deliberate in keeping a firm rein on costs without sacrificing operational quality, which remains the ultimate source of a sustainable competitive advantage.

You took over a FirstBank that has undergone tremendous transformation and growth in the past decade under a management you were part of. Do you feel pressured about this when charting your tenure’s vision for the bank?

Indeed, the previous Management team, led by the former CEO, Dr Adesola Adeduntan, did a remarkable job of turning FirstBank around and setting it on a sustainable growth path. Luckily for me, besides the former CEO who retired in the course of 2024, the rest of the management team is still very intact. So, I guess this helps to reduce any “pressure” I may feel from time to time!

Therefore, I am confident that the Bank will not only continue its growth trajectory but also step up momentum as we commence the execution of our new strategic plan.

As a risk management expert, how do you intend to balance the accelerated growth path seen in the past few years with the call for restraint most risk managers are known for?

As you noted, as the Executive Director/Chief Risk Officer in the previous Management team of FirstBank, I made modest contributions to the successes recorded under that regime. As such, I am not new to business development.

In fact, I spent the first half of my professional career in several business development roles and functions prior to my venture into risk management. As a result, you can view me as one possessing the right blend of business development and risk management skills and competencies.

I would like to note that risk management should not be misconstrued as an impediment to business growth, rather, effective risk management should be viewed as a strategic lever required for a business to grow sustainably, and that is what we want to do at FirstBank.

You haven’t spoken much about where you are headed with the bank. What informs your strategic direction?

In 2023, the Management team of FirstBank Group articulated a 10-year vision aspiration for our Bank. That effort, codenamed Vision 2033, produced an overarching aspiration for FirstBank to become a Top 3 universal bank in Africa across retail, wholesale and wealth management customer segments by leveraging differentiated value propositions and customer-led innovations.

Given that the 10-year vision aspiration is still very market-relevant, and I was also an integral part of the process that birthed it, I intend to focus on ensuring its disciplined execution during my tenure as the Chief Executive Officer of FirstBank Group.

As the CEO, I have a clear vision for FirstBank Group, and I am confident that with the strong support of the rest of the Management team and Board, we will deliver a franchise that will continue to be the pride of Nigeria and Africa within the financial services landscape.

Where is FirstBank in the recapitalisation journey?

As the leading player in Nigeria’s banking industry, FirstBank had maintained a strong capital base (relative to other players) before the announcement of the new CBN’s capital threshold requirements for banks.

Recall that before the announcement of the new capital requirement by CBN, FBNHoldings, the parent company of FirstBank, had obtained its shareholder approval for a capital raise action of NGN150 billion at its 2023 Annual General Meeting (AGM) with FirstBank billed to be a major beneficiary of the proceeds. This capital raise action was executed via the FBNHoldings NGN150 billion Rights Issue program that closed on 30th December 2024. I am particularly delighted with the rate at which existing shareholders have taken up their rights under this program.

In addition, at the 12th AGM of FBNHoldings held on 14th November 2024, shareholders approved another NGN350 billion capital raise action which will be executed in a combination of ways in the days ahead.

In view of the visible progress made, I am very confident that FirstBank will meet and exceed the new NGN500 billion minimum capital requirements well ahead of the deadline of 31st March 2026 set by the Regulator.

The post-2005 reconsolidation crisis suggests that there is more to banking than a large capital base. How prepared is FirstBank to guide against the poor risk management crisis we had?

While I agree that capital is not all there is to a healthy financial system, a strong capital base is, nonetheless, very important to a financial institution’s ability to withstand shocks and absorb losses that might arise in the ordinary course of business.

By virtue of FirstBank’s long and uncheckered 130-year history, the Bank is quite adept at effective risk management. Indeed, as events in our recent history have also shown, sound risk management practices are required to keep the Bank on a sustainable growth path.

On the back of previous lessons learnt, the Bank has undertaken a significant overhaul of its risk management architecture to make it more resilient across multiple fronts – digital, operational, credit, cybersecurity, etc. Overall enterprise risk awareness level is also much higher across all jurisdictions where we operate.

Be assured that under this current leadership team, FirstBank’s commitment to effective enterprise risk management principles and practices will be unwavering.

How will FirstBank continue to leverage digital technologies to enhance customer experience, improve operational efficiency, and drive growth in 2025?

At FirstBank, we have made significant investments over the years to transform our service delivery model from a branch-led to a digital-led model. Today, over 90% of FirstBank’s customer-induced transactions happen on our digital channels – FirstMobile, FirstOnline, Lit App, *894#, FirstDirect, ATMs, etc.

The Bank has also adopted several leading technologies (such as Artificial Intelligence (AI) and robotics) to improve internal operational efficiency and elevate customer experience across all our touchpoints. Nevertheless, in 2025, we will be increasing the scope of existing use cases for these technologies to better serve our clients.

Similarly, several initiatives are on the way to making our digital platforms become a formidable one-stop shop for all the financial and lifestyle needs of our customers. This is in line with our strategy to strengthen our platform and ecosystem play through unique value propositions and strategic partnerships that empower our customers to do more on our platforms.

What are your plans to enhance Firstbank’s customer service network and digital banking architecture in 2025?

At FirstBank, we have elevated our view on technology as not just being a business enabler but as the business itself and given the investments we have made (and will continue to make) in building the right technological and digital backbone for our business, the Bank is well on its way to fully becoming a technological firm that provides financial services.

Beginning in 2025, we intend to ramp up our cloud migration strategy as a crucial precursor to making our services more agile with the attendant improvements in the overall customer experience.

Perhaps, one of the major competitive speed breakers affecting traditional players today in the financial services spaces has to do with the natural advantage that new players have being cloud-natives, whereas traditional players seem to have several legacy constraints to deal with.

As the Bank implements its cloud strategy, we are focused on building a nimbler, always-on and resilient financial services group that leverages its rich legacy to serve its customers’ current and emerging needs.

What steps will FirstBank take to manage risks associated with economic uncertainty, regulatory changes, and technological disruption in 2025?

FirstBank has fully embedded the principles and practices of Enterprise Risk Management (ERM) in its operations and across all operating jurisdictions. This framework enables the Bank to assess its risk universe on a regular, ongoing and future-looking basis.

The Bank also has robust and advanced risk management functions overseeing specific risk areas within our businesses such as market & liquidity risks, credit risks, operational risks, compliance risks, legal risks, etc. This is in addition to other assurance functions such as the internal control and audit teams that ensure that pre-defined standards are adhered to.

Over and above these dedicated risk functions, we are also taking steps to strengthen the inherent risk-mitigating elements within every process in the Bank to further reduce the probability of any risk crystallizing. In addition, we continue to invest in training efforts to raise employees’ risk awareness levels, thereby empowering those closest to the risk triggers to promptly identify and manage the risks within their domains.

FirstBank’s institutionalized innovation framework ensures that we keep abreast of developments in the digital and technological space, and we are able to harness unique insights and ideas, residing in any part of the FirstBank Group, to respond to competitive trends and meet the needs of our clients.

Is the Bank planning on expanding into other markets? If yes, where are your priority areas and considerations?

As I mentioned earlier, a key strategic priority within our 2025 – 2029 strategic plan horizon is the acceleration of our African expansion plans. This thrust is in tandem with our vision to be “Africa’s Bank of First Choice”.

Within this period, we would be doubling down on efforts to expand into some of the already identified high-impact African markets. The Bank will also be exploring entry to some strategic markets outside Africa.

In summary, the 2025 – 2029 strategic plan cycle is a growth phase for the FirstBank Group, and we are super excited about the new grounds we will be breaking during this period.

How will FirstBank invest in employee development and talent acquisition to ensure it has the skills and expertise needed to succeed in 2025?

As the premier financial institution in Nigeria, we recognize that our employees are our primary source of strategic advantage in the highly competitive financial services industry. As such, the Bank runs targeted talent identification and development initiatives for each workforce cadre – junior, middle and senior management.

FirstBank currently organizes several recruitment pathways to give young and talented Africans the opportunity for a meaningful career in the financial services industry. These exercises targeted both fresh school leavers (such as the FirstBank Pan-African Graduate Trainee Program) and offer solid employment opportunities for young people on an annual basis, with some of the programs running several streams within the same year.

Our flagship FirstBank Management Associate Program (FMAP) and the Leadership Acceleration Program (LAP) are specially curated talent acceleration and development.

FirstBank was again recognized as a market leader in the sustainability/ESG space in Nigeria and Africa winning amongst others the best ESG Bank in Nigeria by Euromoney Awards of Excellence. Please what is FirstBank doing in the ESG and the broader sustainable development space to achieve these recognitions and how do you intend to ensure this is strengthened to enhance your market leadership considering that ESG/sustainability space?

As a brand that has existed for over 130 years, we understand the importance of sustainable business practices perhaps better than any other player in our space. This understanding provides the seriousness with which we hold our responsibilities to all our stakeholders.

FirstBank’s ESG framework is hinged on three strategic pillars: Education, Health & Welfare; Diversity & Inclusion; and Responsible Lending, Procurement & Climate Initiatives.

These pillars are operationalized through several initiatives such as our partnerships with the Nigeria Conservation Foundation, Junior Achievement Nigeria and FirstBank’s flagship annual employee give-back program known as Start Performing Acts of Random Kindness (SPARK), etc.

In addition, as an institution, the Group is also taking proactive steps to reduce its carbon footprints through coordinated initiatives aimed at transforming our operations to be more climate-friendly. We are also poised to fund Africa’s energy transition by providing critical support to emerging players in the energy ecosystem.

[Culled from THISDAY]

Speaking during an interview with Arise TV on the sidelines of the 79th United Nations General Assembly (UNGA79) in New York, he said, alongside poverty, climate change and gender inequality are equally pressing issues that demand attention and action.

Alebiosu stressed that poverty, in all its forms, stems from lack of access and resources. He highlighted that finance is the most critical factor in combating poverty in the 21st century. “The easiest way to get out of poverty is access to finance,” he noted.

Some of the important discussion topics during the UN Global Compact Leaders’ Summit according to Alebiosu included innovative financing, sustainable financing, and the impact of artificial intelligence on humanity.

He stressed the critical need to develop human resources to tackle the widening economic gap between developed and developing nations.

This emphasis on human resource development echoes the United Nations’ focus on sustainable development and equality, particularly in areas such as gender equality, climate action, and living wages.

As a financial expert in Nigeria and Africa, Alebiosu has identified financial inclusion as a key area for FirstBank to address in supporting poverty alleviation under the sustainable development goals.

FirstBank considers financial inclusion a central part of its business strategy, resulting in the extension of over N36 billion in loans to women in 2023 and the development of a gender market strategy to strengthen the Bank’s women portfolio.

Alebiosu highlighted FirstBank’s extensive Firstmonie agents’ network in Nigeria, which surpassed 232,000 in 2023, with over 55,000 of the agents being women who continue to offer financial services in their communities as a testament to the power of financing in advancing economic interests and promoting economic development.

Concluding, Alebiosu expressed his vision for the future and said “FirstBank will further be entrenched into the fabric of the society, earning a place in the hearts and minds of Nigerians as a Giant advocate for economic development in Nigeria and Africa as a whole.”

The UN Global Compact Leaders’ Summit is an annual day-long conference that empowers private sector leaders to drive sustainable development and advance the 2030 Agenda.

The event provides a unique platform for business leaders, UN officials, government leaders, SDG stakeholders, and civil society professionals to converge and explore innovative solutions with actionable insights. This year’s edition held in New York, on Tuesday September 24, 2024

The campaign, which commenced on 1 April 2024, is set to run until 31 August 2024 as a rewarding initiative for existing VISA Gold and VISA Infinite cardholders and prospective customers.

Throughout the campaign, 502 lucky Visa Infinite and Visa Gold cardholders will win $50 gift vouchers. 2 cardholders will enjoy an all-expense-paid trip for two to the Olympic Games in Paris, France.

The promo offers an excellent opportunity for cardholders to enjoy the premium benefits of using their FirstBank VISA cards while standing a chance to win fantastic rewards.

To qualify for this exciting offer, Visa Infinite and Visa Gold cardholders must spend $500 and above in at least six transactions during the campaign period.

Speaking on the promo Chuma Ezirim, the group executive E-Business and Retail Products, FirstBank said, “We are excited to reward our loyal customers and users of FirstBank Visa Infinite and Visa Gold cards, whilst also welcoming new customers through this campaign. This promo underscores our commitment to reward our customers with innovative and impactful offerings designed to enhance their banking experience.

“We appreciate Visa for the partnership as we deliver value and create memorable experiences for our customers.”

The FirstBank Visa Gold card is an international premium credit card issued in partnership with Visa International. It is a US Dollar-denominated card secured by chip and PIN technology, ensuring both convenience and security for users.

On the other hand, the FirstBank Visa Infinite card is the pinnacle of the Visa card range, targeted at High-Net-Worth Individuals.

This card offers an extraordinary selection of exclusive travel, dining, shopping, and lifestyle opportunities, providing unparalleled benefits to its holders.

Its leadership and choice of leaders are fascinating chapters of the book it has become, validating the notion that each era in human history is shaped by the king of the moment.

This is true across the corporate environment but uniquely applicable to Nigeria’s premier bank.

For its diffused ownership structure, its leadership is particularly dynamic, adding a great deal of variety to the journey.

• The confirmation of Olusegun Alebiosu as the new Chief Executive officer of Firstbank is seen as a consolidation of the rich culture of the bank.

At a peculiar juncture in its 130 years of incorporation, the market has seen a new FirstBank that is ready to compete with the new entrants to recover the market it was holding in its grip as a monopolist.

The bank is consolidating on its adoption of the new ‘click’ banking through which it has invested heavily in digital infrastructure.

The success Alebiosu helped to create at the corporate performance of Q1, the quarter heralding Alebiosu was particularly fascinating across top and bottom-line indicators.

• First, the bank’s total assets leaped by 28 per cent year-on-year to N20.7 trillion, while gross earnings rose by 178 per cent to N682.5 billion on the back of strong growth in the credit portfolio (which was 33 per cent up from December 2023). Non-interest income, which reflected the robust transactional platforms, doubled year-on-year to N224.6 billion compared with N110 billion it earned in Q1 of 2023.

The Chief Executive Officer also rode on powerful bottom-line indicators with profit before tax seeing exponential growth of almost 300 per cent to N209.8 billion and profit after tax growing in the same margin to N188.5 billion.

These are not isolated figures but a reflection of a decade of robust performance of the banking group that feeds into the holding company that has become the toast of the investing public in recent years.

For one, FirstMobile, its digital banking application emerged as a household name in the financial technology ecosystem.

In 2015, when the platform was still in its infancy stage, its user base was about 60,000, a figure that has soared to over six million as of last year.

That has contributed immensely to changing the market’s perception of the institution as a traditional bank to an innovative digital bank.

Today, over 85 per cent of its transactions are initiated via digital platforms, according to insights provided by the bank.

That suggests that while it consolidates on its hedge as a saver’s bank, it has also emerged as a transaction-driven bank.

FirstMobile appears to have hit the bull’s eye in the bank’s reinvention drive and efforts to appeal to younger demographics.

However, the platform is only one of the many telecommunications-driven initiatives the bank has innovated to get young depositors on board.

FirstOnline has also grown in leaps in terms of users – from about 90,000 to over one million in less than a decade.

USSD banking, under the watch of the immediate past handler, is even more successful with users increasing by close to 3,000 per cent in the last eight years, to about 15 million.

What USSD banking, which targets feature phone users and rural communities where internet penetration is still very low, has done for the bank is giving a slice of it to the original owners – rural dwellers and non-Internet natives who had never known any other bank than FirstBank.

The success of Firstmonie Agent Banking also validates its agelong popularity in rural areas. Last year alone, its Firstmonie Agent Banking services processed over ₦1.1 trillion in transactions, more than double the amount handled by seven other big banks.

Its strategic investments in technology include the development of its interactive transaction banking platform known as FirstDirect2.0 and the introduction of the humanoid robot to the banking ecosystem in the country.

The smart banking initiatives have been complemented by its Digital Xperience Centres (DXC), which are currently located in Lagos, Ibadan, and Abuja with plans to open more across the country.

Overall, its digital banking has evolved in both volume and public perception even with artificial intelligence-driven commercials complementing its digital imprints.

Ease, convenience and reliability created in recent years have moved the customer base from 0.6 million in 2015 to well over 42 million customer accounts as of 2023.

• This number, according to the immediate past Chief Executive Officer, Adesola Adeduntan, would double in no distant future as the organisation migrates more aggressively to transaction-led banking.

Last year, its holding company earned N171.8 billion in income from fees and commissions, a 46 per cent year-on-year growth, demonstrating its success as a transaction-led bank. Its fee and commission income growth were not an exception but drew from impressive performances across the board.

Its operating profit also jumped by 129 per cent, much higher than the industry average, to N361.8 per cent, leading to an earnings per share of N8.56k.

• The total assets also saw a 60 per cent growth to N16.3 trillion. The total assets, like other metrics, had seen over 300 per cent expansion from 2015 when it was N4.2 trillion.

FirstBank also experienced aggressive growth in its customer base in the past nine years. The figure has grown from 10.9 million to over 42 million customers, leading to the aggressive growth of fee and commission income of the bank.

Culled from Guardian

Mr Alebiosu has been the bank’s executive director/chief risk officer since 2022.

He has been in the bank’s employ for nearly three decades, with expertise in credit marketing, Trade, corporate and commercial banking, credit risk management among other.

Mr Alebiosu takes the crown from Adesola Adeduntan, who gave up the role  on Saturday even though he was due to complete his tenure in December.

Our correspondent gathered that 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.

Reliable sources familiar with the matter said the board of the bank has approved Mr Olusegun Alebiosu ’s appointment and that a notification to that effect will be sent immediately to the Nigerian Exchange Limited, where the bank’s shares are listed.

Going by his profile gleaned from the bank’s website, Mr Alebiosu was appointed executive director, chief risk officer and executive compliance officer in January 2022.

Prior to that appointment, Olusegun Alebiosu served as the lender’s Group Executive/ Chief Risk Officer, a position he held since 2016.

He will be bringing to the position close to 30 years’ experience in the banking and financial services industry with cross-functional exposure to Credit risk management, Financial planning and control, Credit and marketing, Trade, Corporate and commercial banking, Agriculture financing, Oil and Gas, Transportation (including Aviation and Shipping) and Project financing, his profile on the First Bank website indicated.

For records, “Mr Alebiosu commenced his professional career in 1991 with Oceanic Bank Plc. (now EcoBank Plc.)  prior to joining First Bank in 2016,  served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at African Development Bank Group and Group Head,  and Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc respectively.

Segun Alebiosu, is an alumnus of Harvard School of Government and holds a bachelor’s degree in Industrial Relations and Personnel Management.

He also obtained a master’s degree in International Law and Diplomacy from the University of Lagos and holds a master’s degree in Development Studies from the London School of Economics and Political Science.

“He is a member of various professional bodies namely, Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.