FirstBank, the oldest bank in Nigeria and part of FBN Holdings’ entities, has laid off almost 100 senior staff members in what could be described as a major organizational shakeup.
It was reliably gathered that some of the bank’s top executives were asked to leave as part of its repositioning plan for 2025.
According to Nairametrics, 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 indicated 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 suggested some of the exits were voluntary, especially for senior executives who intended to explore other career prospects.
Nairametrics also reported that the exits included a prominent executive director whose tenure was not renewed over mutually agreed terms.
Information from the bank’s website showed it had 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 parent company.
The latest management exits at FirstBank followed 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 had marked a transformative era for FirstBank and its parent company, FBN Holdings, signalling 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.
