Society Gists

Folake Ani-Mumuney was allegedly asked to resign as First Bank’s global head of marketing and corporate communications by Femi Otedola, the chairman of the holding company, insiders have revealed.

A top employee of the bank informed us that Otedola was “seriously irked” when he learned that a whopping sum was spent on a send-off party for Adesola Adeduntan, the former MD of the bank who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud.

Otedola, insiders said, 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”, we were told.

This development has sent panic across the top echelon of the Nigeria’s oldest bank, to run from pillar to post in order to save their jobs as nobody knows who is next to be fired or asked to resign honorably in the ongoing clean up process.

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.

Source: The Cable.