FirstBank Silently Lays-Off 100 Senior Staff

FirstBank of Nigeria PLC has silently laid off 100 top senior staff amid internal management crisis rocking the bank.

Cablenews24 reports that according to a report by Nairametrics on Monday, sources familiar with the matter said the bank’s top executives were asked to leave — as part of its corporate restructuring and repositioning plan for 2025

Meanwhile, First Bank of Nigeria is yet to officially make its position known over the alleged layoff of 100 of its senior staff.

Already, several media outfits have reported shakeup in the bank which resulted to the sack of its senior staff numbering 100.

“It’s confirmed now, about 100 of them, including some top executives,” an investment and portfolio analyst, Abel Ezekiel, who knows the layout, said.

“The bank is trying to do a kind of reorganization. I think they want to manage it not to have some negative effects. They want to play it down and to manage the aftermath effect of that kind of massive layoff.

“Although they have not yet confirmed it, the news is already within incredible sources,” Ezekiel maintained

He said the bank would want to manage the negative effect to avoid backlash it might have on its image.

Laying off such numbers of staff indicates there is an internal crisis within the bank, Ezekiel stressed.

A shareholder who commented anonymously said FirstBank should have concentrated more on its recapitalization.

In 2024 alone, the bank recorded several incidences of shakeup.

The chairman of the parent company, FBN Holdings, Femi Otedola, has spearheaded the shakeups to reposition the oldest bank in Nigeria, which boasts about 13 executive members, six general managers, 33 deputy general managers, and 37 assistant general managers.

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