FirstBank, Nigeria’s oldest financial institution and a key subsidiary of FBN Holdings, has dismissed approximately 100 senior executives in a sweeping reorganization aimed at repositioning the bank for long-term growth.
The move comes amid significant changes in leadership and governance following billionaire businessman Femi Otedola’s assumption of the chairmanship of FBN Holdings. According to sources within the bank, the exits were part of a broader strategy to revamp the institution’s operations and inject fresh perspectives into its leadership.
A reliable source confirmed that some of the affected executives left voluntarily, while others were asked to step aside. Among those who exited was a prominent executive director whose tenure ended under mutually agreed terms.
The restructuring is the latest in a series of transformative steps taken under Otedola’s leadership. Earlier in the year, the group announced major board changes, including the appointment of five new directors, signaling a renewed focus on governance and operational efficiency.
In June 2024, FirstBank confirmed Olusegun Alebiosu as Managing Director and Ini Ebong as Deputy Managing Director. These appointments followed the earlier reshuffle that brought Ebenezer Olufowose as the new Chairman of FirstBank Limited. By October, Wale Oyedeji was named Group Managing Director of FBN Holdings, further solidifying the bank’s leadership transition.
This year has also seen impressive financial results, with FirstBank’s share price rising by 18.47% year-to-date. The bank recently concluded its N149.5 billion rights issue, positioning itself to meet the Central Bank of Nigeria’s recapitalization requirements.
The shakeup reflects a clear mandate to strengthen FirstBank’s position as a leader in Nigeria’s financial sector, with an emphasis on innovation, governance, and sustainable growth.
