First Bank secures $200m facility from Afreximbank for manufacturing customers, others

First Bank of Nigeria (FBN) on Friday secured a $200 million from the African Export-Import Bank (Afreximbank) to meet the numerous needs of the bank’s customers.

The facility is targeted at customers in the manufacturing sector, oil and gas, energy, Information Technology (ITC) and infrastructure projects. The deal was signed at the ongoing 2024 Afreximbank annual meetings, incorporating the Africaribbean trade and investment forum, in Nassau, The Bahamas.

Present at the signing ceremony were, Olusegun Alebiosu, acting managing director of First Bank, and Kanayo Awani, executive vice president, Intra-African Trade Bank, Afreximbank, among others.

Nigeria’s oldest financial institution recently appointed a risk management expert as its Chief Executive Officer, shedding light on its renewed focus on internal controls.

This move comes in the wake of revelations that a staff member embezzled a staggering forty-four billion Naira over a two-year period.

The former CEO, Adesola Adeduntan, abruptly resigned in April, issuing a brief resignation letter from Washington, where he was attending the annual World Bank/IMF meetings. “I have, however, decided to proceed on retirement with effect from 20 April 2024 to pursue other interests,” stated Adeduntan, who had been with the bank since 2014.

First Bank has not disclosed the details surrounding Adeduntan’s sudden departure.

In his place, the bank appointed Olusegun Alebiosu as the new Managing Director and Chief Executive. Alebiosu, who has been with the bank since 2016, previously served as the executive director, chief risk officer, and executive compliance officer since January 2022. Prior to these roles, he was the group executive/chief risk officer.