First Bank Reportedly Sacks 100 Senior Staff in Major Shakeup After Name Change

• First Bank has allegedly embarked on a significant restructuring which affected some senior staff
• A report stated that the bank laid off about 100 senior staff members in a substantial shake-up in the company
• The development came after it emerged that some staff members spent an undisclosed sum at a lavish party for its ex-MD

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Nigeria’s oldest Bank, First Bank, has reportedly sacked about 100 senior members in a significant restructuring.

A report disclosed on Monday, December 30, 2024 that the bank’s top executives were asked to leave as part of corporate restructuring and repositioning ahead of 2025.

The executives allegedly resigned voluntarily

The move also followed the June confirmation of Olusegun Alebiosu as the bank’s managing director and chief executive officer.

The report by TheCable quoted sources as saying that the sack might be part of a concerted effort by the board to inject fresh blood into several leadership cadres in the bank.

Read also

Presidency silences critics, mentions date Tinubu will appoint ambassadors: “Buhari took 20 months”

Another source reportedly revealed that some exits were voluntary for senior executives who wanted to explore other career options.

The report, which Legit.ng has yet to confirm, said the sack affected a top executive director whose term was not renewed under agreed-upon circumstances.

Otedola reportedly demands sack of top executives

Previous reports disclosed that on December 9, 2024, the bank’s Chairman, Femi Otedola, asked Folake Ani-Mumuney to step aside as the bank’s global head of marketing and corporate communications.

Otedola reportedly demanded Ani-Mumuney’s resignation after it emerged that a massive sum was spent on a send-off party for Adesola Adeduntan, the bank’s ex-managing director.

First Bank announces name change

Legit.ng reported that First Bank changed its name after shareholders approved it at its November annual General Meeting.

The bank received regulatory approvals to change its name to First Holdco Plc from FBN Holding Plc.

The company’s secretary, Adewale Arogundade, confirmed this in a release issued to the press.

Read also

Sterling Financial Holdco secures CBN approval for additional N75bn capital injection

First Bank, Zenith, and others announce new conditions to save money

Legit.ng earlier reported that a recent monetary policy change by the Central Bank of Nigeria (CBN) has made 19 banks raise interest rates on savings accounts.

Deposit money banks (DMBs) must offer a minimum interest of 30% of the Monetary Policy Rate (MPR) on deposits.

The apex had raised the MPR BY 50 basis points to 27.25% in September this year.

Source: Legit.ng