First Bank, the oldest bank in Nigeria and part of FBN Holdings’ entities has fired 100 senior staff members in what sources describe as a major organizational shakeup.
According to a reliable source with direct knowledge of the matter, some of the bank’s top executives were asked to leave as part of its repositioning plan for 2025.
The exits appear to be part of a concerted effort by the holding company of the board, led by Femi Otedola, to introduce fresh blood into several leadership positions in the bank, the source further explained.
Sources who spoke with Nairametrics indicate that the board of FirstBank approved the exit of about 100 senior executives as part of the bank’s “corporate restructuring and repositioning,” following the confirmation of its new MD/CEO.
Another source within the bank suggests some of the exits were voluntary, especially for senior executives who intend to explore other career prospects.
The publication also reports that the exits include a prominent executive director whose tenure was not renewed over mutually agreed circumstances.
Information from the bank’s website shows it has about 13 members in its executive team, six general managers, 33 deputy general managers, and 37 assistant general managers.
READ ALSO: FirstBank welcomes Olusegun Alebiosu as acting MD/CEO
FBN Makes Series of Board changes in a Year
FirstBank has been undergoing significant management and board shakeups since Femi Otedola assumed the role of chairman of the parent company.
The latest management exits at FirstBank follow a series of significant board changes made earlier in the year, as billionaire businessman Femi Otedola took the reins as Chairman of FBN Holdings.
These changes have marked a transformative era for FirstBank and its parent company, FBN Holdings, signaling a clear focus on repositioning the institution for long-term growth and stability.
In March 2024, FBN Holdings announced the appointment of five elite directors, formally ushering in the Otedola era.
By May, Tunde Odukale, the Chairman of FirstBank Limited, exited his role, making way for Ebenezer Olufowose. Olufowose’s appointment as Chairman was seen as a critical step toward strengthening governance structures at the bank.
In June, the bank further reshuffled its executive leadership, confirming the appointment of Olusegun Alebiosu as Managing Director and Ini Ebong as Deputy Managing Director.
Crediblenewsng.com
