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, TheCable is reporting citing insider sources.
Earlier reports suggested that Ani-Mumuney retired after 15 years on the high profile job.
A top employee of the bank informed the paper 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.
Otedola, insiders said, believed it was “insensitive and wasteful” to throw such a lavish party when the clear direction and mandate of the bank is to recapitalise and reposition the institution from excesses of the 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”
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 conspicuous absence, the party had in attendance many dignitaries and top management of the bank.
TheNewsMatrics reports that Otedola, had in August slammed the banking sector for spending an estimated $50 million yearly on maintaining private jets.
The business mogul, who had expressed support for the 70 per cent windfall tax levied on banks’ foreign exchange profits decried the culture of extravagance pervasive in the banking sector.
In a public statement, Otedola had said, “Amid the progress with banking sector reforms, there is an urgent need to address entrenched issues within the Nigerian banking sector. A concerning trend has emerged where some bank chief executives prioritise personal gain over their duty to shareholders and customers. The core values of banking—trust, integrity, and service—must be upheld. I am particularly critical of the culture of flamboyance, especially the ownership and operation of private jets.
“Nigerian banks are spending an estimated $50m annually just on maintaining private jets, with over $500m gone into purchasing nine private jets by four banks. This level of extravagance significantly erodes public trust in our financial institutions and diverts crucial resources away from vital areas such as operational efficiency, technological innovation, and customer service.”
He called on the banks to regain the trust of their customers by realigning their financial priorities and invest in areas that directly improve customer services and enhance technological infrastructure.
