First Bank Lays Off 100 Senior Staff In Major Restructuring Move

First Bank of Nigeria (FBN) has laid off about 100 senior staff members in a major organisational shakeup.

According to a report by Nairametrics on Monday, sources familiar with the matter said the bank’s top executives were asked to leave — as part of its corporate restructuring and repositioning plan for 2025 — following the confirmation of Olusegun Alebiosu as FBN’s managing director (MD) and chief executive officer (CEO) in June.

The sources told the publication that the exits appear to be part of a concerted effort by the board led by Femi Otedola, its chairman, to introduce fresh blood into several leadership positions in the bank.

However, another source within the bank said some of the exits were voluntary, especially for senior executives who intend to explore other career prospects.

The publication said the shakeup also affected a prominent executive director whose tenure was not renewed over mutually agreed circumstances.

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

Ani-Mumuney’s resignation was demanded after Otedola learned that a whopping 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.