Folake Ani-Mumuney, the Global Head of Marketing and Corporate Communications at First Bank, has been asked to resign from her position by the bank’s holding company chairman, Femi Otedola.
An Insiders said that Otedola was “seriously irked” upon learning of a substantial sum spent on a lavish send-off party for the former Managing Director, Adesola Adeduntan, who was reportedly forced to resign due to alleged negligence in a N60 billion electronic fraud case.
Sources revealed that Otedola considered the extravagant party to be “insensitive and wasteful,” especially when the bank’s clear direction and mandate is to recapitalize and reposition the institution from the excesses of the past management. Otedola, known for his reputation as a “no-nonsense activist investor,” is said to be planning more “drastic” decisions and actions to ensure First Bank maintains a track record of impeccable banking practices, devoid of extravagance and waste of shareholders’ resources.
An insider stated, “We are seeing efforts to plug leakages that have set the institution back over the years.”
The send-off party in question was held at the Harbour Point in Victoria Island, Lagos, on November 2, honoring Adeduntan, who served as the GMD and CEO for nine years until April 2024. Despite Otedola’s notable absence, the party was attended by numerous dignitaries and top management of the bank.
This development comes as part of Otedola’s efforts to streamline First Bank’s operations and restore the institution’s standing in the banking sector.