‘Lavish’ party create turmoil in First Bank as furious Otedola wields the big stick

Folake Ani-Mumuney was asked to resign as First Bank’s global head of marketing and corporate communications by Femi Otedola, the chairman of the holding company, insiders have told TheCable.

A top employee of the bank informed TheCable that Otedola was “seriously irked” when he learned that a whopping sum was spent on a send-off party for Adesola Adeduntan, the former MD of the bank who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud.

Insiders said Otedola believed it was “insensitive and wasteful” to throw such a lavish party when the bank’s clear direction and mandate are to recapitalise and reposition the institution from the excesses of past management.

The source also stated that Otedola, who has in recent times developed a reputation for being a “no-nonsense activist investor”, is planning to take more “drastic” decisions and actions to keep First Bank on the track of impeccable banking “devoid of extravagance and waste of shareholders’ resources”, TheCable was told.

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The development has sent panic across the top echelon of Nigeria’s oldest bank.

The source further said: “We are seeing efforts to plug leakages that have set the institution back over the years.”

The send-off party was held at the Harbour Point, Victoria Island, Lagos, on November 2, in honour of Adeduntan, who was GMD and CEO for nine years until April 2024.

Despite Otedola’s absence, the party had in attendance many dignitaries and top management of the bank.