Massive Shakeup at FirstBank: 100 Senior Staff Fired in Wake of New CEO and Board Changes
In a sweeping move to reposition itself for 2025, FirstBank, Nigeria’s oldest bank and a subsidiary of FBN Holdings Plc, has let go of nearly 100 senior staff members, including top executives. This move is part of the bank’s corporate restructuring strategy, aimed at strengthening its position following a year of significant leadership changes.
Sources familiar with the situation revealed that the FirstBank board approved the exits as part of a larger “corporate restructuring and repositioning” effort, especially after the confirmation of a new MD/CEO earlier this year. While some exits were voluntary, with executives seeking new career opportunities, others were compelled to leave to make way for fresh leadership and a new era for the bank.
Among the prominent exits is an executive director whose tenure was not renewed, an outcome reached through mutually agreed circumstances. The latest restructuring now sees FirstBank’s leadership list pared down to 13 executive team members, six general managers, 33 deputy general managers, and 37 assistant general managers.
This shakeup is the latest in a series of management changes that have rocked both FirstBank and its parent company, FBN Holdings. In 2024 alone, billionaire Femi Otedola took over as chairman of FBN Holdings, marking the beginning of a leadership transformation. By March, five new directors were added to the FBN Holdings board, and by June, Olusegun Alebiosu was confirmed as FirstBank’s MD, with Ini Ebong appointed Deputy MD.
October saw the appointment of Wale Oyedeji as Group Managing Director of FBN Holdings, signaling an ambitious push for growth and development. The shakeup appears to be part of FirstBank’s strategic repositioning to meet its future goals. This transformation seems to be working, as the bank’s share price has increased by 18.47% year-to-date, outpacing many of its peers in the FUGAZ group.
In addition, FirstBank recently closed a N149.5 billion rights issue on December 30, as it works to meet the Central Bank of Nigeria’s recapitalization targets. The leadership reshuffle marks the final step in an overall strategy to align FirstBank with its growth ambitions and a rapidly changing financial landscape.
