The global head of marketing and corporate communications at First Bank of Nigeria, Folake Ani-Mumuney has been asked to resign following a lavish send-off party for the bank’s former CEO, Adesola Adeduntan.
The decision, made by the chairman of the bank’s holding company, Femi Otedola was reportedly influenced by concerns over the excessive spending on the event, which came at a time when the bank is focused on recapitalisation and cost-cutting measures, according to a TheCable report on Monday.
The tipping point, sources reveal, was a lavish send-off party organised for Adesola Adeduntan, the bank’s former managing director. Adeduntan exited the bank in April 2024 after a nine-year tenure, reportedly amid allegations of negligence linked to a N60 billion electronic fraud.
The newspaper quoted insiders at the bank saying that Otedola, known for his no-nonsense approach to corporate governance, was particularly displeased with the expenditure, deeming it insensitive and wasteful.
The party, held at Harbour Point in Lagos, was attended by numerous dignitaries and top bank executives.
The removal of Ani-Mumuney signals a broader cultural shift within the bank. A top bank insider noted that this is just the beginning of Otedola’s “drastic measures” to align operations with shareholder interests and maintain a lean, performance-driven organisational structure.
Efforts to plug financial leakages, eliminate excesses, and restore shareholder value have become a defining theme since Otedola assumed leadership.
Repositioning for Sustainable Growth
Otedola’s reforms are poised to reshape First Bank’s operating philosophy as the institution seeks to repair past missteps and meet evolving regulatory and market demands.
By prioritising efficiency, the chairman aims to align First Bank with global best practices and maintain its competitive edge in Nigeria’s banking sector.
Despite his conspicuous absence from Adeduntan’s send-off party, the event underscores lingering challenges within First Bank’s management culture—issues that Otedola appears committed to resolving.
With continued oversight and restructuring under Otedola’s leadership, First Bank is likely to pivot toward a more disciplined, shareholder-centric strategy.
However, the road ahead will require balancing stringent cost controls with the need to foster innovation and customer-focused growth.
As Otedola’s influence grows, stakeholders can expect further changes as Nigeria’s iconic bank strives to regain its stature as a pillar of trust and efficiency in the financial sector.
…Globalfinancialdigest
© Global Financial Digest 2023
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