FirstBank, Lagos State Govt to Collaborate on Infrastructural Development

Olufemi Adeyemi 

Managing Director and Chief Executive Officer of FirstBank, Olusegun Alebiosu, has expressed a desire to collaborate with the Lagos State government in the realm of infrastructure development.

During a courtesy visit to Lagos State Governor Babajide Sanwo-Olu on Tuesday, Alebiosu made these remarks while leading the management team.

During the visit, Alebiosu stated thar, “Power infrastructure is of paramount importance, particularly in a city like Lagos State, which serves as a hub of admiration and emulation. We eagerly anticipate the framework that the Lagos State Government, in collaboration with numerous private investors, will establish to facilitate substantial power projects. These initiatives hold the potential to significantly reduce production costs and enhance the overall business environment.

“The Lagos State Government is currently engaged in a number of significant projects, and FirstBank remains committed to providing support for these initiatives. By working together, we can achieve increased employment opportunities, enhanced tax revenue generation, and other positive outcomes. We anticipate that these projects will not only benefit Lagos State, but also contribute to the overall development of Nigeria.”

In his reply, the governor stated that his administration would maintain mutually beneficial partnerships with financial institutions, notably FirstBank of Nigeria Limited, to address the requirements and aspirations of Lagos citizens.

He stated, “We have a special space for FirstBank because we have identified relationships that have been mutually beneficial. Over the years, the Lagos State government’s banking relationship with FirstBank has created so much value and extreme economic movement. We will continue to nurture the relationship by giving the bank its rightful place as well as ensuring that FirstBank truly receives a decent amount of our business.”

The appointment of Mr. Alebiosu as the substantive Managing Director and Chief Executive Officer of FirstBank of Nigeria was officially announced in late June. The emergence followed the resignation of Dr. Adesola Adeduntan, eight months into the end of his tenure.

Adeduntan, who held sway at the premier bank for over eight years, told the board he would proceed to pursue "other interests" as he would not be eligible for reappointment by December 31, 2024, when his tenure ends.

Alebiosu was, until this appointment, the Executive Director, Chief Risk Officer and Executive Compliance Officer from January 2022. Before that appointment, he was the Group Executive/ Chief Risk Officer, a position he held since 2016.

First Bank of Nigeria is a multinational bank and financial services company in Lagos, Nigeria. First Bank is owned by FBN Holdings PLC, which in itself has diversified ownership with over 1.3 million shareholders.

July 03, 2024