First Bank of Nigeria (FBN) has laid off approximately 100 senior staff as part of a significant restructuring initiative aimed at repositioning the institution for future growth.
The shakeup follows the June 2024 confirmation of Olusegun Alebiosu as Managing Director (MD) and Chief Executive Officer (CEO). Reliable sources disclosed that the restructuring aligns with a broader strategic agenda spearheaded by Femi Otedola, Chairman of FBN Holdings, to inject new leadership and perspectives into the bank.
Leadership Overhaul
While some senior executives reportedly exited voluntarily to pursue new career opportunities, others, including a prominent executive director, left under mutually agreed terms. First Bank’s leadership team, as listed on its website, comprises 13 executives, alongside numerous general and deputy general managers.
This wave of exits builds on earlier board-level changes initiated by Otedola in March 2024, when five elite directors were appointed to strengthen governance. In May, Tunde Odukale, former Chairman of FirstBank Limited, was succeeded by Ebenezer Olufowose. The transition was followed by Alebiosu’s confirmation as MD and Ini Ebong as Deputy Managing Director in June.
A New Era Under Otedola
Femi Otedola’s leadership has ushered in a transformative era for FBN Holdings and FirstBank, focusing on operational efficiency and long-term stability. In October, Wale Oyedeji was appointed Group Managing Director of FBN Holdings Plc, further solidifying the group’s ambitions.
The restructuring efforts underscore First Bank’s commitment to strengthening its governance and operational frameworks as it pursues its ambitious repositioning goals for 2025.
