FirstBank Nigeria has parted ways with nearly 100 senior staff members as part of an operations realignment to prepare for its 2025 repositioning goals.
The decision, approved by the bank’s board, follows changes to its leadership structure aimed at enabling growth and long-term stability. Earlier this year, Olusegun Alebiosu was appointed managing director and Ini Ebong, deputy managing director earlier in the year.
Sources within the organisation revealed that the restructuring initiative, led by FBN Holdings Chairman Femi Otedola, is intended to bring new perspectives to some roles.
While some of the staff exits were reportedly voluntary, others were initiated by the bank to simplify its leadership framework. Among those affected was an executive director whose tenure ended by mutual agreement. The departures are one of the most notable management transitions in the bank’s recent history.
FirstBank, which has a strong leadership structure with dozens of executives across its various departments, has been undergoing a dynamic phase since Otedola assumed the chairmanship of FBN Holdings.
Earlier this year, the institution reshuffled its board, appointing five new directors and introducing Ebenezer Olufowose as Chairman of FirstBank Limited.
These changes aim to place the bank at a top spot in the Nigerian financial sector. In October, Wale Oyedeji was named group managing director of FBN Holdings, further enhancing the institution’s focus on innovation and operational excellence.
The repositioning also coincided with the completion of a ₦149.5 billion rights issue to meet the Central Bank’s recapitalisation targets. FirstBank has recorded a strong performance in 2024, with its share price rising by 18.47% year-to-date.
However, this wave of restructuring comes with challenges. Earlier in the year, the bank terminated over 100 employees following the discovery of a ₦40 billion fraud orchestrated by a former manager, Tijani Muiz Adeyinka. The scandal exposed lapses in the bank’s operational oversight and led to the dismissal of several staff members accused of negligence.
FirstBank’s management has since increased its focus on accountability, with a strong drive against supervisory negligence. These aims to help the bank rebuild trust and ensure adequate operational standards as it embarks on its 2025 agenda.
