FirstBank, Nigeria’s oldest bank and a subsidiary of FBN Holdings Plc, has let go of close to 100 senior staff members, sources with knowledge of the matter have revealed.
![](https://thenigerialawyer.com/wp-content/uploads/2024/11/TheNigerialawyer-WhatsApp-Channel1.jpg")
The exits, which include some top executives, are part of the bank’s repositioning strategy for 2025 following a series of board and management changes in 2024.
Sources indicate that the FirstBank board approved the exits as part of a “corporate restructuring and repositioning” effort after confirming its new MD/CEO earlier this year. While some of the exits were voluntary, with executives seeking new career opportunities, others were asked to leave to make way for fresh leadership as part of the bank’s transformation agenda.
An executive director whose tenure was not renewed over mutually agreed circumstances is among the prominent exits, Nairametrics understands. FirstBank’s website currently lists 13 executive team members, 6 general managers, 33 deputy general managers, and 37 assistant general managers.
The shakeup follows a busy year of board changes at FirstBank and its parent FBN Holdings, as billionaire Femi Otedola took over as Chairman and ushered in a new era. In March, five new directors were appointed to the FBN Holdings board. By May, FirstBank Chairman Tunde Odukale exited, replaced by Ebenezer Olufowose. June saw the confirmation of Olusegun Alebiosu as MD and Ini Ebong as Deputy MD.
The transformation continued in October with Wale Oyedeji appointed as the new Group Managing Director of FBN Holdings Plc. This flurry of changes has positioned FirstBank to pursue its ambitious growth plans. The bank’s share price is up 18.47% year-to-date, outperforming most of its FUGAZ peers.
FirstBank also recently closed a N149.5 billion rights issue on December 30 as it works to meet the apex bank’s recapitalization targets along with other FUGAZ banks. The leadership exits appear to be the latest step in an overall strategic repositioning of the venerable financial institution for the future.
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