*The First Bank of Nigeria Limited, one of the leading financial institutions in the country, disengages 100 Senior Staff of in a major corporate restructuring and repositioning amid internal management crisis

Isola Moses | 绿帽献妻

Against the backdrop of an alleged lingering management crisis in the leading financial institution, the First Bank of Nigeria (FBN) Limited, again, has disengaged 100 senior staff in a major corporate restructuring and repositioning.

绿帽献妻 reports First Bank has yet to officially the development in regard to the layoff of 100 of its senior staff Monday, December 30, 2024, in a move to restructure and reposition the commercial bank ahead of 2025 financial year.

It is noted Mr. Femi Otedola, Chairman of FBN Holdings Plc, the parent company of First Bank has spearheaded the shakeups to reposition the oldest bank in Nigeria.

It was gathered the bank boasts about 13 Executive Members, six General Managers (GMs), 33 Deputy General Managers (DGMs), and 37 Assistant General Managers (AGMs).

Internal management crisis leading to latest layoffs

Even since the assumption of chairmanship of the Board of Directors of FBN Limited, the bank has faced further restructuring with the appointment of five new Directors, according to report.

Abel Ezekiel, an investment and portfolio analyst, who has knowledge of the latest development, told The ICIR that “it鈥檚 confirmed now, about 100 of them, including some top executives.

鈥淭he bank is trying to do a kind of reorganisation. I think they want to manage it not to have some negative effects.”

Ezekiel observed: “They want to play it down and to manage the aftermath effect of that kind of massive layoff.

鈥淎lthough they have not yet confirmed it, the news is already within incredible sources.”

According to him, the bank would want to manage the negative effect to avoid backlash it might have on its image.

He also stressed that laying off such a relatively huge number of staff indicates there is an internal management crisis within the bank.

Nonetheless, another source within the bank reportedly disclosed that some of the latest exits were “voluntary”, especially for Senior Executives, who intend to explore other career prospects.

The shakeup as well affected a prominent Executive Director whose tenure was not renewed over mutually agreed circumstances, according to report.

A concerned shareholder of First Bank, who solicited anonymity, also remarked that in all of this, the bank ought to have concentrated more on its recapitalisation process.

In regard to the deepening management crisis besetting the First Bank of Nigeria, it is recalled that Dr. Adesola Adeduntan, immediate past Managing Director/Chief Executive Officer (CEO) of FBN, April resigned from his plum job abruptly.

Observers equally noted the development raised some concerns at the time, as it directly touched on the concerns against the Central Bank of Nigeria (CBN) guidelines.

Adeduntan鈥檚 resignation eight months before the expiration of his tenure flouted the Central Bank of Nigeria (CBN) corporate governance guidelines.

Subsequently, in May this year, Tunde Odukale, Chairman of First Bank, also relinquished his role, and the bank appointed Ebenezer Olufowose.

Still, in June 2024, the bank further reshuffled its executive leadership cadre by affirming the appointments of Mr. Olusegun Alebiosu as the Managing Director/CEO, and Ini Ebong as Deputy Managing Director.

The Management reshuffle continued as Wale Oyedeji, in October 2024, became the new Group Managing Director of the commercial bank.

Otedola, Chairman of FBN Holdings, once again, struck December 9, when he asked Folake Ani-Mumuney, Global Head of Marketing and Corporate Communications, her position for apparent indiscretion and profligacy in organising a social event recently.

Ani-Mumuney reportedly approved the spending of a whopping amount of money to organise what the bank described as a “lavish” send forth party for former CEO Dr. Adeduntan.

Having learnt about the organisation and execution of such a party, Otedola then, demanded Ani-Mumuney’s immediate resignation.

Adeduntan, ex-Managing Director of First Bank, who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud.