First Bank In Turmoil Amid Extravagant Party Controversy

Fresh controversy has rocked First Bank of Nigeria following reports that Folake Ani-Mumuney, the bank’s Global Head of Marketing and Corporate Communications, was asked to step down by Femi Otedola, Chairman of FBN Holdings.

Insiders revealed to TheCable that Otedola was deeply upset after learning of the extravagant send-off party organised for Adesola Adeduntan, the former Group Managing Director (GMD) of the bank.

Adeduntan, who served as GMD for nine years, was reportedly forced to resign in April 2024 over alleged negligence linked to a N60 billion electronic fraud case.

The send-off event, which took place on November 2 at Harbour Point in Victoria Island, Lagos, was attended by top management and dignitaries, despite Otedola’s absence.

Sources claim the chairman deemed the party “insensitive and wasteful,” given the current drive to recapitalise and reposition the bank.

“This is not the time for such extravagance,” an insider disclosed, adding that the chairman believes First Bank’s focus should be on curbing excesses and rebuilding its financial standing. Otedola, described as a “no-nonsense activist investor,” is reportedly planning more drastic measures to ensure prudent management of shareholders’ resources.

Although it remains unclear whether Ani-Mumuney’s resignation is directly tied to the controversial party, the development has sparked panic within the upper echelons of Nigeria’s oldest financial institution.

“The chairman is plugging leakages that have slowed down the bank’s growth over the years,” a source familiar with the situation said.