In a sweeping restructuring effort, First Bank of Nigeria (FBN) has dismissed approximately 100 senior staff members as part of a strategic overhaul aimed at repositioning the bank for future growth.
The mass layoff, reported by Nairametrics on Monday, is linked to the confirmation of Olusegun Alebiosu as the bank’s managing director and chief executive officer in June.
Sources within the bank disclosed that the shakeup is part of a broader corporate repositioning plan targeting 2025, spearheaded by the board under the leadership of Femi Otedola, FBN’s chairman.
Insiders reveal that the restructuring aims to inject new energy into the bank’s leadership, with Otedola and the board pushing for fresh talent in key positions.
Among those affected is a prominent executive director whose tenure was reportedly not renewed following mutually agreed circumstances.
The reorganization also saw Folake Ani-Mumuney, the global head of marketing and corporate communications, asked to resign on December 9.
This decision followed reports that Ani-Mumuney approved an extravagant send-off party for Adesola Adeduntan, the former managing director, who was allegedly forced to resign over his involvement in a N60 billion electronic fraud scandal.
While some of the affected staff were directly asked to leave, a source within the bank clarified that a number of the exits were voluntary.
“Several senior executives opted to resign, seeking new career opportunities outside the bank,” the source said.
PLATFORM TIMES gathered that the dismissals are part of a concerted effort to streamline operations and align with FBN’s long-term goals.
Industry observers believe this shakeup signals a bold approach by Otedola, who has been instrumental in driving significant changes since assuming the chairmanship.
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