First Bank lays off 100 senior staff in major restructuring

First Bank of Nigeria (FBN) has reportedly laid off approximately 100 senior staff members in a significant organisational shakeup.

This development is part of the bank’s broader corporate restructuring and repositioning strategy for 2025.

According to a report by Nairametrics, the layoffs followed the confirmation of Olusegun Alebiosu as FBN’s Managing Director (MD) and Chief Executive Officer (CEO) in June.

The move appears to align with the vision of FBN’s board, led by Chairman Femi Otedola, to revitalize the bank’s leadership and introduce fresh perspectives into its operations.

Sources familiar with the matter revealed that the decision targets top executives across various departments, marking a decisive step in FBN’s efforts to streamline operations and enhance efficiency.

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.