FirstBank, Nigeria’s oldest bank and part of FBN Holdings, has recently made significant changes by parting ways with nearly 100 senior staff members as part of a major organizational overhaul.
According to a trusted source with direct knowledge of the matter, some of the bank’s top executives were asked to leave as part of the bank’s repositioning plan for 2025.
These exits seem to be part of a coordinated strategy by FBN Holdings’ board, led by Femi Otedola, to bring in fresh leadership for key positions in the bank, the source added.
What we know:
Sources confirm that FirstBank’s board approved the departure of around 100 senior executives as part of its “corporate restructuring and repositioning” following the confirmation of a new MD/CEO.
• Another insider suggests that some of these exits were voluntary, particularly among senior executives looking to pursue other career opportunities.
• Additionally, Nairametrics has learned that some exits include a prominent executive director whose tenure was not renewed based on mutually agreed terms.
• According to the bank’s website, its executive team includes 13 members, six general managers, 33 deputy general managers, and 37 assistant general managers.
This restructuring process follows a series of management and board changes at FirstBank since Femi Otedola became chairman of FBN Holdings.
A Busy Year for Board Changes
The recent management exits are part of broader changes at FirstBank, which began earlier this year when Femi Otedola took charge of FBN Holdings as Chairman. These transformations signal a commitment to repositioning the bank for future growth and stability.
• In March 2024, FBN Holdings appointed five top directors, marking the beginning of the Otedola era.
• This move was designed to inject fresh perspectives and expertise into the company’s board, setting the stage for the transformation under Otedola’s leadership.
• In May, Tunde Odukale, Chairman of FirstBank Limited, stepped down and was replaced by Ebenezer Olufowose. Olufowose’s appointment was seen as crucial for strengthening governance at the bank.
• In June, the bank made further leadership changes, appointing Olusegun Alebiosu as Managing Director and Ini Ebong as Deputy Managing Director.
• These changes were part of a strategic plan to enhance the bank’s operations ahead of its ambitious repositioning goals.
• In October, the momentum continued with the appointment of Wale Oyedeji as the new Group Managing Director of FBN Holdings Plc.
These changes represent one of the busiest years for management and board transitions at both FirstBank and FBN Holdings.
Despite these shifts, FirstBank’s stock has risen by 18.47% year-to-date, outperforming many other banks in 2024. On December 30, 2024, the bank closed its N149.5 billion rights issue, aiming to meet the recapitalization target set by the central bank.
