INSIDER REPORT: Tension at First Bank as Otedola Responds to Extravagant Party

Folake Ani-Mumuney, First Bank’s Global Head of Marketing and Corporate Communications, has reportedly been asked to resign by Femi Otedola, the chairman of the bank’s holding company. This development follows reports of a lavish send-off party for Adesola Adeduntan, the bank’s former Managing Director, according to insider information obtained by TheCable.

A senior bank official disclosed that Otedola was “deeply displeased” upon learning about the significant expenditure on the event, particularly given the circumstances surrounding Adeduntan’s exit. The former MD was reportedly compelled to resign over allegations of negligence related to a N60 billion electronic fraud case.

While it remains uncertain if Ani-Mumuney’s resignation is directly tied to the send-off, insiders suggested that Otedola viewed the event as “insensitive and excessive,” especially considering the bank’s current priority of recapitalization and repositioning. The chairman is said to be determined to steer the bank away from what he perceives as the “wastefulness” of previous management.

“Otedola has earned a reputation as a no-nonsense, activist investor,” one insider noted, adding that he is preparing to implement further drastic measures to ensure the bank operates with financial discipline and adheres to best practices in resource management.

The send-off party, held at Harbour Point in Victoria Island, Lagos, on November 2, was attended by numerous dignitaries and top executives from First Bank. Adeduntan, who served as GMD and CEO for nine years until April 2024, was celebrated in grand style despite Otedola’s absence from the event.

The unfolding situation has reportedly caused unease within the upper ranks of Nigeria’s oldest bank, as the new leadership focuses on addressing inefficiencies and plugging financial leakages that have hindered progress over the years.