Otedola Takes Decisive Action After Extravagant Send-Off Party
Femi Otedola, chairman of First Bank’s holding company, has reportedly requested the resignation of Folake Ani-Mumuney, the bank’s global head of marketing and corporate communications. Sources revealed the decision followed revelations of excessive spending on a send-off party for Adesola Adeduntan, the bank’s former Managing Director.
Details of the Incident
The send-off celebration came after Adeduntan was reportedly removed over allegations of negligence linked to a N60 billion electronic fraud. Insiders disclosed that Otedola was displeased upon learning of the party’s cost, describing it as “insensitive and wasteful,” especially considering the bank’s ongoing efforts to recapitalize and recover from past mismanagement.
Broader Implications
Although it is unclear if Ani-Mumuney’s resignation is directly tied to the event, sources indicated that Otedola’s decision reflects his strict approach to governance. Known as a “no-nonsense activist investor,” Otedola is expected to enforce further reforms to ensure financial discipline and prevent misuse of shareholder resources.
The development has created unease among the bank’s top management, highlighting Otedola’s resolve to steer Nigeria’s oldest bank towards efficiency and accountability.
Reference
THE INSIDER: Turmoil in First Bank as furious Otedola wields the big stick after ‘lavish’ party