FirstBank, Nigeria’s oldest financial institution and a key entity under FBN Holdings, has reportedly exited nearly 100 senior staff members in a significant organisational shakeup aimed at repositioning the bank for 2025.
Sources with direct knowledge of the situation told Nairametrics that the restructuring, approved by the board led by Femi Otedola, aims to inject new leadership and drive the bank’s strategic objectives.
The shakeup affected several top executives, with some exits described as voluntary, as these individuals sought to explore new career opportunities. However, others were reportedly asked to leave as part of the bank’s realignment efforts.
The changes also include the departure of a prominent executive director, whose tenure ended due to mutually agreed circumstances.
FirstBank’s leadership team includes 13 executives, six general managers, 33 deputy general managers, and 37 assistant general managers, according to the bank’s website.
The bank has experienced a series of board and management changes since Otedola became chairman of FBN Holdings.
The bank’s global head of marketing and corporate communications, Folake Ani-Mumuney, resigned this month after Otedola reportedly learnt that a large sum was spent on a send-off party for Adesola Adeduntan, the former MD of the bank who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud.
