First Bank of Nigeria is grappling with internal tensions as Femi Otedola, Chairman of FBN Holdings, has expressed anger over a grand send-off party organized for the bank’s former Group Managing Director (GMD), Adesola Adeduntan.
The event, held on November 2 at Harbour Point in Victoria Island, Lagos, reportedly infuriated Otedola,( according to News from the Cable) , who viewed it as an unnecessary extravagance during a period when the bank is working to recapitalize and stabilize its finances.
Adeduntan, who served as GMD for nine years, resigned in April 2024 under allegations of negligence tied to a N60 billion electronic fraud case. The party, attended by senior executives and dignitaries, took place despite Otedola’s absence and his emphasis on cost-cutting measures.
“This is not the time for such extravagance,” an insider noted, adding that the chairman believes the bank should focus on financial discipline and growth.
The fallout from the party has reportedly led to the resignation of Folake Ani-Mumuney, Global Head of Marketing and Corporate Communications, though it is unclear if her exit is directly related to the incident.
Otedola, known for his no-nonsense approach as an activist investor, is said to be planning stricter reforms to ensure responsible management of shareholder funds and eliminate practices he perceives as detrimental to the bank’s progress.
The development underscores the challenges First Bank faces in balancing leadership changes with its financial recovery goals.
