Indications have emerged today that Mrs
Folake Ani-Mumuney may have been directed to resign as First Bank’s global head of marketing and corporate communications by Femi Otedola, the chairman of the holding company.
A reliable source in the bank told some journalists that Otedola was “seriously irked” when he learned that a huge sum was spent on a send-off party for Adesola Adeduntan, the former Manging Director of the bank, who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud.
It is still unclear if Ani-Mumuney’s resignation is directly linked to the party or not.
However, the source said Otedola believed it was “insensitive and wasteful” to throw such a lavish party when the clear direction and mandate of the bank is to recapitalise and reposition the institution from excesses of the past management.
The source also stated that Otedola, who has in recent times developed a reputation for being a “no-nonsense activist investor”, is planning to take more “drastic” decisions and actions to keep First Bank on the track of impeccable banking “devoid of extravagance and waste of shareholders’ resources” the source added.
The development has sent panic across the top echelon of Nigeria’s oldest bank.
The source further said: “We are seeing efforts to plug leakages that have set the institution back over the years.”
The send-off party was held at the Harbour Point, Victoria Island, Lagos, on November 2, in honour of Adeduntan, who was GMD and CEO for nine years until April 2024.
Despite Otedola’s absence, the party had in attendance many dignitaries and top management of the bank.