First Bank lays off 100 senior staff in corporate restructuring and repositioning plan

About 100 top employees were let go by First Bank of Nigeria (FBN) as part of a significant organisational reorganisation. 

As part of its corporate restructuring and repositioning plan for 2025, the bank asked its top executives to leave after Olusegun Alebiosu was confirmed as FBN's managing director (MD) and managing director (CEO) in June, according to a report published by Nairametrics on Monday. 

According to the sources who spoke to the publication, the departures seem to be a part of a deliberate attempt by the board, under the direction of chairman Femi Otedola, to bring new people into a number of the bank's top roles.

However, according to a different bank source, some of the departures were voluntary, particularly for senior executives who plan to look into other career options. According to the publication, a well-known executive director was also impacted by the reorganisation, as their term was not extended due to mutually agreeable reasons. 

On December 9, Otedola asked Folake Ani-Mumuney to retire as the bank’s global head of marketing and corporate communications. 

After Otedola discovered that an enormous amount of money had been spent on a farewell party for Adesola Adeduntan, the bank's former MD who was allegedly forced to retire due to suspected carelessness in an N60 billion electronic fraud, Ani-Mumuney's resignation was asked.

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