Otedola’s leadership spurs overhaul at FirstBank, 100 senior executives exit amid transformation

FirstBank, a flagship subsidiary of FBN Holdings and Nigeria’s oldest financial institution, is undergoing a transformation under the leadership of billionaire businessman Femi Otedola. As part of the overhaul, approximately 100 senior executives have exited the bank, marking a significant shift in its operational and leadership framework.

The restructuring aligns with Otedola’s vision of revitalizing the institution to maintain its dominance in Nigeria’s financial sector. Sources within the bank disclosed that the departures, a mix of voluntary exits and directed resignations, are aimed at creating space for innovative strategies and fresh leadership perspectives.

Among those who left was a key executive director, whose exit was described as amicable and in line with mutually agreed terms. This leadership shakeup follows a series of governance-focused initiatives introduced earlier in the year, including the appointment of new board members and top executives.

In June 2024, FirstBank appointed Olusegun Alebiosu as Managing Director and Ini Ebong as Deputy Managing Director, reinforcing its operational leadership. By October, Wale Oyedeji took over as Group Managing Director of FBN Holdings, while Ebenezer Olufowose assumed the chairmanship of FirstBank Limited. These changes underscore a deliberate effort to enhance the bank’s governance and efficiency.

The reforms have coincided with impressive financial performance. FirstBank’s share price has risen by 18.47 per cent year-to-date, and the successful completion of its N149.5 billion rights issue has positioned the institution to meet the Central Bank of Nigeria’s recapitalization requirements.

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