First Bank Faces Backlash Over Lavish Farewell Party Amid Crisis

First Bank Faces Backlash Over Lavish Farewell Party Amid Crisis

First Bank of Nigeria is facing renewed scrutiny following reports that Folake Ani-Mumuney, the bank’s Global Head of Marketing and Corporate Communications, has been asked to resign by Femi Otedola, Chairman of FBN Holdings.

First Bank Faces Backlash Over Lavish Farewell Party Amid Crisis

Sources informed TheCable that Otedola was notably displeased upon discovering the lavish farewell party held for Adesola Adeduntan, the former Group Managing Director (GMD) of the bank.

Adeduntan, who held the GMD position for nine years, reportedly resigned in April 2024 amid allegations of negligence related to a N60 billion electronic fraud incident.

The farewell event, which occurred on November 2 at Harbour Point in Victoria Island, Lagos, saw attendance from senior management and dignitaries, despite Otedola’s absence.

Insiders indicate that the chairman considered the celebration “insensitive and extravagant,” especially in light of ongoing efforts to recapitalize and restructure the bank.

“This is not the appropriate time for such opulence,” one insider remarked, noting that Otedola believes First Bank should prioritize reducing excesses and restoring its financial health. Otedola, characterized as a “no-nonsense activist investor,” is reportedly contemplating further significant actions to ensure responsible management of shareholder assets.

While it is uncertain if Ani-Mumuney’s departure is directly linked to the contentious party, the situation has created unease among the leadership of Nigeria’s oldest financial institution.

“The chairman is addressing inefficiencies that have hindered the bank’s growth for years,” a source familiar with the matter stated.