The global head of marketing and corporate communications at First Bank, Folake Ani-Mumuney, has been asked to step down by Femi Otedola, chairman of the bank’s holding company, TheCable reported on Monday.
The call for her resignation by Otedola stems from being “deeply angered” upon discovering that a substantial amount was spent on a send-off party for Adesola Adeduntan, the bank’s former managing director, who resigned under controversial circumstances earlier this year.
Adeduntan was reportedly forced to leave over allegations of involvement in a N60 billion electronic fraud case.
Otedola considered the extravagant party “insensitive and wasteful,” especially at a time when the bank’s priority is to recapitalize and recover from what he describes as the excesses of its previous management.
“Otedola is known for his no-nonsense approach as an activist investor,” The Cable reported. “He is determined to take drastic steps to ensure First Bank operates efficiently, devoid of unnecessary expenses that squander shareholders’ funds.”
The send-off, held on November 2 at Harbour Point, Victoria Island, Lagos, featured dignitaries and top management of the bank, despite Otedola’s notable absence.
The event celebrated Adeduntan’s nine-year tenure as group managing director and CEO, which ended in April 2024.
The move has reportedly created anxiety among senior executives at Nigeria’s oldest ban with efforts geared towards plugging leakages that have held the institution back for years.
