First Bank of Nigeria (FBN) has laid off about 100 senior staf in a major organisational shakeup.
According to a reliable source with direct knowledge of the incident said some of the bank’s top executives were asked to leave as part of its repositioning plan for 2025, following the confirmation of Olusegun Alebiosu as FBN’s managing director (MD) and chief executive officer (CEO) in June.
The sources told the publication that the exits appear to be part of a concerted effort by the board led by Femi Otedola, its chairman, to introduce fresh hands into several leadership positions in the bank.
Another source within the bank suggests some of the exits were voluntary, especially for senior executives who intend to explore other career prospects.
It is also understands that the exits include a prominent executive director whose tenure was not renewed over mutually agreed circumstances.
Information from the bank’s website shows it has about 13 members in its executive team, six general managers, 33 deputy general managers, and 37 assistant general managers.
FirstBank has been undergoing significant management and board shakeups since Femi Otedola assumed the role of chairman of the parent company.
