BREAKING: FirstBank exits 100 Senior Staff members in major reorganizational shakeup

FirstBank, the oldest bank in Nigeria and part of FBN Holdings’ entities has exited close to 100 senior staff members in what our sources describe as a major organizational shakeup.

According to a reliable source with direct knowledge of the matter, some of the bank’s top executives were asked to leave as part of its repositioning plan for 2025.

The exits appear to be part of a concerted effort by the holding company of the board, led by Femi Otedola, to introduce fresh blood into several leadership positions in the bank, the source further explained.

Our sources indicate that the board of FirstBank approved the exit of about 100 senior executives as part of the bank’s “corporate restructuring and repositioning,” following the confirmation of its new MD/CEO.

FirstBank has been undergoing significant management and board shakeups since Femi Otedola assumed the role of chairman of the parent company.

The latest management exits at FirstBank follow a series of significant board changes made earlier in the year, as billionaire businessman Femi Otedola took the reins as Chairman of FBN Holdings.

These changes have marked a transformative era for FirstBank and its parent company, FBN Holdings, signaling a clear focus on repositioning the institution for long-term growth and stability.

These changes culminated in what has been described as one of the most active years for board and management transitions at FBN Holdings and FirstBank.

FirstBank share price is up 18.47% YTD and has been one of the better performers in 2024, compared to the rest of the FUGAZ.

FirstBank closed its N149.5 billion rights issue on December 30, 2024, as it aims to join the rest of the FUGAZ in meeting the recapitalization target set by the apex bank.