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.
