By Aniekan Ezekiel
What happens when legacy meets preparedness? What results from such a combination? Let us not be in a hurry to answer. Instead, let us first consider the opposite situation: when legacy meets unpreparedness.
The world abounds with examples of this distressing scenario. A dynasty that has built wealth across generations, with illustrious heirs providing consistent leadership, suddenly enters a phase where an ill-prepared heir takes over—and within the same generation, not the next, wipes out a fortune built over decades.
We see the same pattern with nations. History is replete with examples of great nations, built by visionary leaders, slipping into decline under the weight of bad leadership—arguably the greatest misfortune that can befall any people. This is why American author and leadership expert John Maxwell famously asserts: “Everything rises and falls with leadership.”
So it is with nations, and so it is with organisations. Many businesses that thrived over generations have been brought to the brink of collapse by leaders ill-equipped for the roles they assumed.
Contrast that with the situation at Nigeria’s most enduring corporate institution, First Bank of Nigeria Limited, which has a remarkable legacy of firsts. About a year ago, the bank underwent a leadership transition. Faced with several quality options, both within and outside the management team, decision-makers at the bank and its parent company, FBNHoldings—now First HoldCo Plc—had to make a clear-headed choice on who would lead FirstBank Group as its new Chief Executive Officer.
As important as continuity was the non-negotiable need for capacity—someone who could steer the 130-year-old institution, sustain its legacy, and consolidate the gains of recent years. The search was for a steady hand and sharp mind, with proven expertise in risk control and a track record of stellar performance.
Fortunately, the ideal candidate was within reach. He had been with FirstBank since 2016, when he joined as Group Executive/Chief Risk Officer. In January 2022, he was elevated to Executive Director/Chief Risk Officer and Executive Compliance Officer.
This man has devoted nearly three decades to banking and financial services, building cross-functional expertise in credit risk management, financial planning and control, marketing, trade, and more. His industry exposure spans corporate and commercial banking, agricultural finance, oil and gas, transportation (including aviation and shipping), and project finance.
Meet Olusegun Alebiosu—the man history prepared and decision-makers chose. He was confirmed as the substantive CEO of FirstBank Group in June 2024, having acted in the role since April 2024.
Determined to build on the bank’s legacy while navigating the evolving financial landscape, Alebiosu has committed himself to leading a transformation rooted in strategic consolidation, technological advancement, and market expansion.
His professional journey began in 1991 at Oceanic Bank Plc (now Ecobank Plc). Before joining FirstBank, he worked at Coronation Merchant Bank as Chief Risk Officer, at the 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.
Within his first year as substantive CEO, Alebiosu has proven a worthy successor. Understanding the value of human capital in sustaining the bank’s legacy, he prioritised staff welfare and development. A comprehensive compensation review positioned the bank in the 75th percentile of the industry, enhancing its attractiveness to top talent. Under his leadership, 1,654 employees were promoted in a single cycle—the highest in five years.
Over 2,186 new hires have joined across key functions, with many placed in sales roles to better serve retail customers. A staff engagement score of 86%, recorded in the April 2025 WorkBuzz survey, reflects strong internal morale and a positive workplace culture.
This cultural transformation includes a group-wide initiative to embed the values of integrity, excellence, and innovation—augmented by a renewed focus on inclusion, collaboration, and performance. In 2025, the bank held an Employee Appreciation Day, featuring a personalised video message from the CEO. Alebiosu also launched the Mandarin Language School to support FirstBank’s expansion into the Asian market.
Expansion is a core pillar of the bank’s 2025 strategic plan. Beyond strengthening its presence across existing markets, the bank is making calculated moves into new regions, both within and outside Africa.
But growth is not limited to markets. In March 2025, the bank broke ground on a new 44-storey, green-certified head office in Eko Atlantic City—an ambitious symbol of its “skyward expansion.”
Alebiosu is also driving digital transformation through automation, artificial intelligence, and robotics, giving FirstBank a competitive edge. Digital tools have streamlined account opening and backend operations. Two new Digital Experience Centres have been launched—in Lekki, Lagos, and at the University of Nigeria, Nsukka. The bank’s agent network has also expanded from 230,000 in 2023 to over 280,000.
Stakeholders have taken note. The bank’s 2024 financial results showed its highest after-tax profit in 12 years. In recognition of his leadership, Alebiosu was named “Banking CEO of the Year – Nigeria 2025” by World Business Outlook Awards and received the “Special African Banking Leadership Award” from African Leadership Magazine in 2024.
Alebiosu’s story is one of preparedness meeting legacy. Working alongside the board and management, he is consolidating FirstBank’s gains and charting a path for even greater impact. More than ever, FirstBank is poised for sustainable growth across Africa and beyond.
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