As reported by Nairametrics on Monday, insiders revealed that the bank's top executives were shown the door as part of a restructuring plan aimed at repositioning for 2025. This shakeup follows the appointment of Olusegun Alebiosu as the new managing director (MD) and chief executive officer (CEO) in June.
Sources indicated that this move seems to be a strategic effort by the board, led by chairman Femi Otedola, to bring in new talent for various leadership roles within the bank.
However, another insider mentioned that some departures were voluntary, particularly among senior executives looking to pursue new opportunities.
The report also highlighted that a notable executive director's contract was not renewed due to mutually agreed circumstances.
On December 9, Otedola requested Folake Ani-Mumuney to step down from her role as the bank’s global head of marketing and corporate communications. Her resignation came after Otedola discovered that a significant amount was spent on a farewell party for Adesola Adeduntan, the former MD, who was reportedly pushed out over alleged negligence related to a N60 billion electronic fraud case.
The bank recently shot down claims of a N7 billion fraud, calling the allegations “completely baseless” and without any real evidence. An online news site had referenced an unnamed source who supposedly knows about the situation, along with three others who wanted to stay anonymous because of the sensitive details.
First Bank emphasized its strong dedication to maintaining operational integrity and earning customer trust. They reassured customers and stakeholders that their security measures are solid, and there hasn’t been any breach impacting customer accounts.