First Bank of Nigeria (FBN) has laid off about 100 senior staff members as part of a major organizational shakeup.
According to sources familiar with the matter, the bank’s top executives were asked to leave as part of its corporate restructuring and repositioning plan for 2025.
This follows the confirmation of Olusegun Alebiosu as FBN’s managing director (MD) and chief executive officer (CEO) in June.
The departures appear to be part of an effort by the board, led by chairman Femi Otedola, to bring new leadership into several key positions in the bank. However, some exits were voluntary, with senior executives choosing to explore other career opportunities.
The shakeup also affected a prominent executive director whose tenure was not renewed due to mutually agreed circumstances.
On December 9, Otedola requested the resignation of Folake Ani-Mumuney, the bank’s global head of marketing and corporate communications. This followed reports of a significant sum spent on a send-off party for former MD Adesola Adeduntan, who resigned amidst allegations of negligence in a N60 billion electronic fraud case.
This restructuring move is aimed at repositioning the bank for future growth and stability under its new leadership.
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