First Bank of Nigeria has dismissed approximately 100 senior staff members in a significant organizational overhaul aimed at repositioning the bank for 2025.
The layoffs involved several top executives who were asked to leave as part of the restructuring process that followed the appointment of Olusegun Alebiosu as managing director and chief executive officer in June, Nairameterics reported.
Sources familiar with the matter revealed that the exits are part of a broader strategy by the bank’s board, led by Chairman Femi Otedola, to infuse new leadership into key positions. While many of the departures are seen as part of this corporate reshuffle, one insider noted that some senior executives left voluntarily to pursue other career opportunities.
The shakeup also affected a prominent executive director whose tenure was not renewed under mutually agreed terms.
In addition, on December 9, Femi Otedola requested the resignation of Folake Ani-Mumuney, FBN’s global head of marketing and corporate communications, after it was revealed that a large sum was spent on a farewell party for former MD Adesola Adeduntan. Adeduntan had reportedly been forced to resign following an alleged N60 billion electronic fraud incident.
This restructuring is part of FBN’s efforts to streamline its operations and improve efficiency as it prepares for the future under new leadership.
