Otedola asks top First Bank official to resign over ‘wasteful party’

• Published On: 09 December 2024 at 20:01

Folake Ani-Mumuney, First Bank's global head of marketing and corporate communications, has been asked to resign by Femi Otedola, chairman of the bank's holding company, TheCable reported on Monday.

Otedola's resignation request stems from being "deeply angered" after discovering that a significant amount was spent on a send-off party for Adesola Adeduntan, the bank's former managing director, who resigned under controversial circumstances earlier this year.

Adeduntan was reportedly forced to leave due to allegations of involvement in an N60 billion electronic fraud scheme.

Otedola deemed the extravagant party "insensitive and wasteful," especially given the bank's priority of recapitalising and recovering from what he describes as previous management's excesses.

"Otedola is known for his no-nonsense approach as an activist investor," The Cable wrote. "He is determined to take drastic steps to ensure First Bank operates efficiently, devoid of unnecessary expenses that squander shareholders' funds."

Despite Otedola's notable absence, the send-off took place on November 2 at Harbour Point, Victoria Island, Lagos, with dignitaries and top bank management in attendance.

The event commemorated Adeduntan's nine-year tenure as group managing director and CEO, which ends in April 2024.

The move has reportedly caused concern among senior executives at Nigeria's oldest ban, with efforts aimed at plugging leaks that have hampered the institution for years.