First Bank strengthens Board, appoints Bayo Adelabu as Executive Director

First Bank strengthens Board, appoints Bayo Adelabu as Executive Director

January 2, 2013/ Press Release/ First Bank of Nigeria

Determined to deepen its ongoing corporate transformation exercise, First Bank of Nigeria Limited has announced the appointment of its Chief Financial Officer, Mr. Adebayo Adekola Adelabu to the Board as Executive Director. The appointment of Mr. Adelabu, who will still retain his portfolio as the Chief Financial Officer, is expected to follow the statutory approval of the Central Bank of Nigeria.

The choice of the the new director, according to the Group Managing Director/Chief Executive Officer of FirstBank, Mr. Bisi Onasanya is geared towards enhancing the capacity of the Executive Management and Board, by deepening specialization and strengthening the corporate governance culture of the Bank.

A first Class accounting degree graduate from Obafemi Awolowo University, Ile Ife and an alumnus of global accounting firm, PricewaterhouseCoopers, Mr. Adelabu was formerly the Group Financial Controller of the Bank between 2009 and 2010 and the pioneer head of Business Performance Monitoring Department between 2005 and 2007.

Under his leadership, the existing performance management framework for the Bank was set up while he was also credited with the successful execution of the Bank’s medium term strategic plan targeted  at profitable growth with respect to revenue maximization and cost optimization. He also had a brief stint at Standard Chartered Bank between 2007 and 2009 as General Manager and the West African Regional Head of Finance and Strategy.

Mr. Adelabu is a Fellow of the Chartered Institute of Chartered Accountants of Nigeria with over 20 years of global and far-reaching professional experience in Banking, Audit and Management consulting.

Commenting further on the appointment, Mr. Onasanya said as the leading financial services institution in Nigeria, the Bank is keen on ensuring adherence to international best practices in the constitution of its Board and Management. “We, therefore, continuously seek the most capable talents in-house and in the industry to fill vacant positions within the group, he said”.

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