Femi Otedola, Chairman of First Bank’s holding company, has reportedly called for the resignation of Folake Ani-Mumuney, the global head of marketing and corporate communications, following the revelation of a lavish farewell party for the bank’s former Managing Director, Adesola Adeduntan.
Sources indicate that Otedola was “deeply displeased” upon learning of the substantial costs associated with the event, which took place on November 2, 2024, at Harbour Point, Victoria Island, Lagos.
Adeduntan, who served as Group Managing Director and CEO for nine years until his resignation in April 2024 amid allegations of negligence related to a N60 billion electronic fraud case, was the guest of honor at the event.
A senior source within the bank told TheCable that Otedola considered the celebration “insensitive and wasteful,” especially given the bank’s current mandate to recapitalize and recover from the excesses of past management.
“The clear direction and mandate of the bank is to recapitalize and reposition the institution after the mismanagement of the previous leadership,” the insider stated.
The source also highlighted Otedola’s reputation as a “no-nonsense activist investor,” noting that he plans to implement more stringent measures to steer First Bank toward more responsible banking practices.
“We are seeing efforts to plug the financial leakages that have hampered the institution over the years,” the source added.
While it is unclear whether Ani-Mumuney’s resignation is directly linked to the party, her departure has caused significant disruption within the bank’s senior management.
The extravagant event, attended by dignitaries and senior officials, was held in Otedola’s absence, further underscoring his disapproval of the celebration.
Otedola’s actions emphasize his commitment to fostering a culture of financial discipline and curbing unnecessary expenditures that could undermine shareholder value.
