First Bank of Nigeria (FBN) has undergone a significant organizational shakeup, resulting in the layoff of approximately 100 senior staff members. This move is part of the bank’s corporate restructuring and repositioning plan for 2025, which was initiated after Olusegun Alebiosu’s confirmation as the bank’s Managing Director and Chief Executive Officer in June.
The restructuring effort aims to inject new energy into the bank’s leadership, with the board, led by Chairman Femi Otedola, pushing for fresh talent in key positions. Among those affected by the layoffs is a prominent executive director whose tenure was not renewed due to mutually agreed circumstances. Additionally, Folake Ani-Mumuney, the global head of marketing and corporate communications, was asked to resign on December 9.
Sources within the bank revealed that the shakeup is intended to streamline operations and align with FBN’s long-term goals. While some senior staff members were directly asked to leave, others opted for voluntary resignation, seeking new career opportunities outside the bank.
This development comes on the heels of a ₦40 billion fraud scandal involving a manager on the operations team, Tijani Muiz Adeyinka, who allegedly diverted funds over two years. The incident led to the termination of over 120 employees, including full-time and contract staff, in July 2024.
The layoffs and restructuring efforts demonstrate First Bank’s commitment to reform and repositioning, as it seeks to maintain its position as a leading financial institution in Nigeria.
