Femi Otedola takes bold steps at First Bank, urging resignation of top executives as he pursues accountability and reforms for Nigeria’s oldest bank.

[dropcap]F[/dropcap]emi Otedola, the chairman of FBN Holdings, has reportedly requested Folake Ani-Mumuney, First Bank’s global head of marketing and corporate communications, to step down.

Insiders revealed that the decision follows Otedola’s dissatisfaction with a lavish send-off party held for the bank’s former MD, Adesola Adeduntan, who resigned amidst controversy.

Also read: Nigerians express outrage over First Bank’s persistent service failures

Adeduntan, who led First Bank for nine years, was allegedly forced to resign in April 2024 after a N60 billion electronic fraud scandal raised questions about negligence under his leadership.

Despite the circumstances, a grand farewell event took place on 2 November at Harbour Point, Victoria Island, Lagos, attended by several dignitaries and top executives of the bank. Otedola, however, was notably absent.

Sources claim Otedola, known for his firm approach as an “activist investor,” viewed the extravagant celebration as both “insensitive and wasteful” in light of the bank’s current priorities.

With a vision to recapitalise and reposition First Bank, he has emphasised cutting down on what he perceives as financial excesses left by previous management.

“Otedola is serious about keeping the bank focused on accountability and protecting shareholders’ resources,” said a top insider. “He is taking tough decisions to plug leakages that have drained the institution over the years.”

The ongoing leadership shake-up has reportedly caused anxiety among First Bank’s top brass, as speculation grows over who may face similar calls to resign.

Employees are said to be “running from pillar to post,” striving to align with Otedola’s rigorous expectations for improved corporate governance and efficiency.

This decisive stance reflects Otedola’s broader commitment to reshaping the financial institution. By addressing internal challenges head-on, he aims to restore trust and strengthen the bank’s position as a pillar of Nigeria’s economy.