FirstBank, the oldest bank in Nigeria and part of FBN Holdings’ entities has exited close to 100 senior staff members in what our 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.
What we know
Our sources 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.
- Nairametrics also understands 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.
FirstBank has been undergoing significant management and board shakeups since Femi Otedola assumed the role of chairman of the company.
Busy Year for Board Changes
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.
- This strategic move aimed to inject fresh perspectives and expertise into the group’s boardroom, paving the way for the transformational agenda under Otedola’s leadership.
- 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.
- These appointments were part of a deliberate strategy to bolster the bank’s operational capabilities ahead of its ambitious repositioning plans.
- In October, the momentum continued with the appointment of Wale Oyedeji as the new Group Managing Director of FBN Holdings Plc.
These changes culminated in what has been described as one of the most active years for board and management transitions at FBN Holdings and FirstBank.
FirstBank share price is up 18.47% YTD and has been one of the better performers in 2024, compared to the rest of the FUGAZ.
FirstBank closed its N149.5 billion rights issue on December 30, 2024, as it aims to join the rest of the FUGAZ in meeting the recapitalization target set by the apex bank.
Culled from Nairametrics.
