Insiders claim that Femi Otedola, the chairman of FBN Holdings, requested Folake Ani-Mumuney to step down as First Bank’s worldwide Head of Marketing and Corporate Communications.
According to a top bank employee, Otedola was “seriously irked” to discover that a staggering amount of money had been spent on a send-off party for Adesola Adeduntan, the bank’s previous MD who was allegedly forced to retire due to his alleged ineptitude in an N60 billion computer scam.
According to insiders, Otedola thought it was “insensitive and wasteful” to host such an extravagant party given the bank’s explicit purpose and instruction to recapitalise and reposition the organisation away from the excesses of the previous management. In addition, the source informed us that Otedola, who has gained a reputation as a “no-nonsense activist investor” in recent years, intends to take more “drastic” choices and actions to maintain First Bank’s impeccable banking practices “devoid of extravagance and waste of shareholders’ resources.”
Since no one knows who would be dismissed or asked to resign honourably in the ongoing cleanup process, this discovery has spread fear through the highest echelons of Nigeria’s oldest bank, causing them to rush from one position to another in an attempt to keep their employment.
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Furthering, the insider went on to say: “We are seeing efforts to plug leakages that have set the institution back over the years.”
Adeduntan, who served as GMD and CEO for nine years till April 2024, had a send-off celebration on November 2 at Harbour Point, Victoria Island, Lagos. Numerous dignitaries and the bank’s top management attended the party despite Otedola’s absence.
Source: TheCable
