First Bank of Nigeria has dismissed 100 senior executives as part of a 2025 restructuring plan under new MD Olusegun Alebiosu. Chairman Femi Otedola leads the shakeup, targeting leadership renewal. High-profile exits include Folake Ani-Mumuney and others, amid allegations of financial misconduct and strategic repositioning efforts to enhance competitiveness.
First Bank of Nigeria (FBN) has made significant organizational changes, reportedly laying off 100 senior staff members as part of a strategic restructuring plan for 2025. The move follows the appointment of Olusegun Alebiosu as the bank's Managing Director and CEO in June 2024.
Sources suggest the layoffs are part of a broader effort led by FBN Chairman Femi Otedola to refresh leadership roles within the bank. Some affected executives were reportedly asked to step down, while others opted to leave voluntarily, seeking new career opportunities.
One notable departure involved a senior executive director whose tenure was not renewed under mutually agreed terms. Additionally, on December 9, Otedola requested the resignation of Folake Ani-Mumuney, the bank’s Global Head of Marketing and Corporate Communications, citing concerns over expenses tied to a send-off party for former MD Adesola Adeduntan.
FBN has yet to issue an official statement on the restructuring.
