₦airaland Forum

FirstBank, the oldest bank in Nigeria and part of FBN Holdings’ entities has exited close to 100 senior staff members in what our sources describe as a major organizational shakeup.

According to a reliable source with direct knowledge of the matter, some of the bank’s top executives were asked to leave as part of its repositioning plan for 2025.

The exits appear to be part of a concerted effort by the holding company of the board, led by Femi Otedola, to introduce fresh blood into several leadership positions in the bank, the source further explained.

What we know

Our sources indicate that the board of FirstBank approved the exit of about 100 senior executives as part of the bank’s “corporate restructuring and repositioning,” following the confirmation of its new MD/CEO.

• Another source within the bank suggests some of the exits were voluntary, especially for senior executives who intend to explore other career prospects.

• Nairametrics also understands that the exits include a prominent executive director whose tenure was not renewed over mutually agreed circumstances.

• Information from the bank’s website shows it has about 13 members in its executive team, six general managers, 33 deputy general managers, and 37 assistant general managers.

FirstBank has been undergoing significant management and board shakeups since Femi Otedola assumed the role of chairman of the parent company.

Busy Year for Board Changes

The latest management exits at FirstBank follow a series of significant board changes made earlier in the year, as billionaire businessman Femi Otedola took the reins as Chairman of FBN Holdings.

These changes have marked a transformative era for FirstBank and its parent company, FBN Holdings, signaling a clear focus on repositioning the institution for long-term growth and stability.

• In March 2024, FBN Holdings announced the appointment of five elite directors, formally ushering in the Otedola era.

• This strategic move aimed to inject fresh perspectives and expertise into the group’s boardroom, paving the way for the transformational agenda under Otedola’s leadership.

• By May, Tunde Odukale, the Chairman of FirstBank Limited, exited his role, making way for Ebenezer Olufowose. Olufowose’s appointment as Chairman was seen as a critical step toward strengthening governance structures at the bank.

• In June, the bank further reshuffled its executive leadership, confirming the appointment of Olusegun Alebiosu as Managing Director and Ini Ebong as Deputy Managing Director.

• These appointments were part of a deliberate strategy to bolster the bank’s operational capabilities ahead of its ambitious repositioning plans.

• In October, the momentum continued with the appointment of Wale Oyedeji as the new Group Managing Director of FBN Holdings Plc.

These changes culminated in what has been described as one of the most active years for board and management transitions at FBN Holdings and FirstBank.

FirstBank share price is up 18.47% YTD and has been one of the better performers in 2024, compared to the rest of the FUGAZ.

FirstBank closed its N149.5 billion rights issue on December 30, 2024, as it aims to join the rest of the FUGAZ in meeting the recapitalization target set by the apex bank.

Source: https://nairametrics.com/2024/12/30/first-bank-exits-100-senior-staff-in-major-reorganizational-shakeup/

It's okay. Anything to enhance service delivery is welcomed

Is this the best way to go now? Terminating 100 highly skilled banking professionals, many of whom hold MBAs from top-tier global business schools, demands exceptional foresight and strategic reasoning. I genuinely hope that those responsible are fully aware of the implications and have a clear plan in place.


I know organizations that took this route and how they ended up.it is like a winding down route for first bank if it is not well thought out

Otedola is cooking

This is shege banza in beast mode

Welcome to Tinubulation

Terrible new year gift.
I was once in that shoe. May God help them at this junction

kettykings:
Is this the best way to go now? Terminating 100 highly skilled banking professionals, many of whom hold MBAs from top-tier global business schools, demands exceptional foresight and strategic reasoning. I genuinely hope that those responsible are fully aware of the implications and have a clear plan in place.


I know organizations that took this route and how they ended up.it is like a winding down route for first bank if it is not well thought out

/

Employment is a number that can be erased anytime.

/

I believe this is a backdrop of the unnecessary sendoff spending spree by one of the general managers that irked otedola recently.

Life itself is risk.......I pray they find their hands on something great

What a time to loose one's source of income

Any one of them who has a high debt portfolio is in very deep shit!

It’s not uncommon for organizations like FirstBank to implement structural changes to align with evolving business strategies. Let’s hope this move fosters growth and creates opportunities for the bank to remain competitive in the financial sector. panel smm

No wonder the First Bank mobile app is not functioning well again as they debit those whom did not apply for pay day loan. Another looting reloaded.

Ote$ is working

Make e no touch Mummy Yemisi Grace Oyebo ooo, else thunder na gbuogi there!

NewDigitalWorld:
Source: https://nairametrics.com/2024/12/30/first-bank-exits-100-senior-staff-in-major-reorganizational-shakeup/

So far e no affect my uncle Segun Ale, I'm good. He has served FBN well, no b this kind time dem go remove an like jiggar.

ultimateprof:
No wonder the First Bank mobile app is not functioning well again as they debit those whom did not apply for pay day loan. Another looting reloaded.

I hope a disgruntled info tech staff has not sabotaged it

christejames:
Welcome to Tinubulation

Please stop exposing your ignorance and stupidity on an online platform! Tinubu had nothing to do with this!

First Bank's new majority shareholder, Mr. Femi Otedola, who is also the Chairman of FBN Holdings Plc, the bank's holdco, is executing his strategic vision for the bank. It is common practice for organizations to do this, when a new owner or a new management takes charge. There are many examples in the banking sector, asset management space, telcos, manufacturing, etc.

It is not about everything that happens in the economy that we must blame government.

Use your brain, unless you have none!

What useless strategic vision? Those guys kept First Bank as a top 5 bank for decades. You do such a thing when the organisation is struggling, not when it is thriving. What does Otedola know about banking. This is going to make customers, investors and shareholders jittery and if care is not taken could lead to the end of the Bank.

DTaj:
Please stop exposing your ignorance and stupidity on an online platform! Tinubu had nothing to do with this!

First Bank's new majority shareholder, Mr. Femi Otedola, who is also the Chairman of FBN Holdings Plc, the bank's holdco, is executing his strategic vision for the bank. It is common practice for organizations to do this, when a new owner or a new management takes charge. There are many examples in the banking sector, asset management space, telcos, manufacturing, etc.

It is not about everything that happens in the economy that we must blame government.

Use your brain, unless you have none!

Such is life.
. c'est la vie.

When one door closes
another one opens.

When firstbank start having issues he'll start blaming tony elumelu and uba for his woes cry cry baby

Komu1048:
So far e no affect my uncle Segun Ale, I'm good. He has served FBN well, no b this kind time dem go remove an like jiggar.

I know one Segun Alu. Is he the one?

NewDigitalWorld:
FirstBank, the oldest bank in Nigeria and part of FBN Holdings’ entities has exited close to 100 senior staff members in what our sources describe as a major organizational shakeup.

According to a reliable source with direct knowledge of the matter, some of the bank’s top executives were asked to leave as part of its repositioning plan for 2025.

The exits appear to be part of a concerted effort by the holding company of the board, led by Femi Otedola, to introduce fresh blood into several leadership positions in the bank, the source further explained.

What we know

Our sources indicate that the board of FirstBank approved the exit of about 100 senior executives as part of the bank’s “corporate restructuring and repositioning,” following the confirmation of its new MD/CEO.

• Another source within the bank suggests some of the exits were voluntary, especially for senior executives who intend to explore other career prospects.

• Nairametrics also understands that the exits include a prominent executive director whose tenure was not renewed over mutually agreed circumstances.

• Information from the bank’s website shows it has about 13 members in its executive team, six general managers, 33 deputy general managers, and 37 assistant general managers.

FirstBank has been undergoing significant management and board shakeups since Femi Otedola assumed the role of chairman of the parent company.

Busy Year for Board Changes

The latest management exits at FirstBank follow a series of significant board changes made earlier in the year, as billionaire businessman Femi Otedola took the reins as Chairman of FBN Holdings.

These changes have marked a transformative era for FirstBank and its parent company, FBN Holdings, signaling a clear focus on repositioning the institution for long-term growth and stability.

• In March 2024, FBN Holdings announced the appointment of five elite directors, formally ushering in the Otedola era.

• This strategic move aimed to inject fresh perspectives and expertise into the group’s boardroom, paving the way for the transformational agenda under Otedola’s leadership.

• By May, Tunde Odukale, the Chairman of FirstBank Limited, exited his role, making way for Ebenezer Olufowose. Olufowose’s appointment as Chairman was seen as a critical step toward strengthening governance structures at the bank.

• In June, the bank further reshuffled its executive leadership, confirming the appointment of Olusegun Alebiosu as Managing Director and Ini Ebong as Deputy Managing Director.

• These appointments were part of a deliberate strategy to bolster the bank’s operational capabilities ahead of its ambitious repositioning plans.

• In October, the momentum continued with the appointment of Wale Oyedeji as the new Group Managing Director of FBN Holdings Plc.

These changes culminated in what has been described as one of the most active years for board and management transitions at FBN Holdings and FirstBank.

FirstBank share price is up 18.47% YTD and has been one of the better performers in 2024, compared to the rest of the FUGAZ.

FirstBank closed its N149.5 billion rights issue on December 30, 2024, as it aims to join the rest of the FUGAZ in meeting the recapitalization target set by the apex bank

Source: https://nairametrics.com/2024/12/30/first-bank-exits-100-senior-staff-in-major-reorganizational-shakeup/

"Hurricane Otedola" has finally made landfall with full effects on the West Coast of Africa.

With new banking and financial technologies, that's definitely the way to keep operating costs down and maximize returns on investments. I read that there were some loses in 2024 from cyber fraud in that bank so these are some of the measures to mitigate the loses under the new MD/CEO.

Good severance packages definitely await those 100 senior banking officials who will be exiting the system though. They should invest wisely in financial assets and set up their own personal businesses as well (or grow their existing businesses).

kettykings:
Is this the best way to go now? Terminating 100 highly skilled banking professionals, many of whom hold MBAs from top-tier global business schools, demands exceptional foresight and strategic reasoning. I genuinely hope that those responsible are fully aware of the implications and have a clear plan in place.


I know organizations that took this route and how they ended up.it is like a winding down route for first bank if it is not well thought out

Working in the bank is a click bait, one minute you are CEO and next you are on the streets.

Na wa o.

Well those senior staff go don get money to start their own business by now sha...

They served their senior staff with new year package as a take away .. they should pay them well sha

Of course, they weren't gonna work there forever. You must leave someday.

It's normal.

Okay

kettykings:
Is this the best way to go now? Terminating 100 highly skilled banking professionals, many of whom hold MBAs from top-tier global business schools, demands exceptional foresight and strategic reasoning. I genuinely hope that those responsible are fully aware of the implications and have a clear plan in place.


I know organizations that took this route and how they ended up.it is like a winding down route for first bank if it is not well thought out

As if the one ones coming are drop-outs! If your father is one of the newly appointed directors, inform him to debate it in the Board Room! How much be your money for First Bank?

Femi Otedola on the beat