Nearly 100 top employees of FirstBank, the oldest bank in Nigeria and a division of FBN Holdings, have left the company in what our sources characterize as a significant organizational reorganization.
As part of its 2025 repositioning plan, the bank asked some of its senior executives to depart, according to a trustworthy source with firsthand knowledge of the situation reached by BrandSpur banking and finance news desk. The source added that the departures seem to be a part of a deliberate attempt by the board’s holding company, under the direction of Femi Otedola, to bring new people into several managerial roles within the bank.
According to our sources, FirstBank’s board authorized the departure of roughly 100 top executives as part of the bank’s “corporate restructuring and repositioning” after the appointment of a new MD/CEO.
Some of the departures, according to a different bank source, were voluntary, particularly for senior executives who plan to look into other career options. A well-known executive director whose term was not extended due to mutually agreeable reasons is among the departing executives.
The bank’s executive team consists of roughly 13 people, along with six general managers, 33 deputy general managers, and 37 assistant general managers, according to information on the bank’s website. Since Femi Otedola became the parent company’s chairman, FirstBank has seen numerous board and management changes.
The wealthy businessman, Femi Otedola took over as Chairman of FBN Holdings earlier this year, and the most recent executive departures at FirstBank come after several important board changes. With these adjustments, FirstBank and its parent business, FBN Holdings, have entered a new phase that is characterized by a strong emphasis on reorienting the organization for stability and long-term success.
The Otedola era officially began in March 2024 when FBN Holdings announced the appointment of five elite directors. By bringing new ideas and experience to the group’s boardroom, this calculated action sought to open the door for Otedola’s transformational goal.
Ebenezer Olufowose took over as FirstBank Limited’s chairman in May after Tunde Odukale resigned. The nomination of Olufowose as Chairman was viewed as a crucial move in fortifying the bank’s governance frameworks.
Olusegun Alebiosu was confirmed as Managing Director and Ini Ebong as Deputy Managing Director at the bank’s June executive leadership reorganization. Before its ambitious repositioning ambitions, the bank made these personnel as part of a calculated effort to strengthen its operational skills.
BrandSpur banking and finance news reports that when Wale Oyedeji was named the new Group Managing Director of FBN Holdings Plc in October, the momentum continued.
These adjustments resulted in what has been called one of the busiest years for FBN Holdings and FirstBank’s board and management changes. FirstBank has outperformed the rest of the FUGAZ in 2024, as its share price is up 18.47% so far this year. To join the other FUGAZ in reaching the recapitalization goal established by the apex bank, FirstBank closed its N149.5 billion rights issue on December 30, 2024.
