Lavish send-off party sparks resignation request at First Bank
Folake Ani-Mumuney, First Bank’s global head of marketing and corporate communications, has been asked to resign following a directive from Femi Otedola, chairman of the bank’s holding company, according to sources cited by TheCable.
An insider revealed that Otedola was “seriously irked” upon discovering the substantial expense incurred for a send-off party held for Adesola Adeduntan, the bank’s former managing director. Adeduntan, who led the bank for nine years until April 2024, reportedly resigned amid allegations of negligence linked to a N60 billion electronic fraud.
Otedola viewed the extravagant event, held on November 2 at Harbour Point, Victoria Island, Lagos, as “insensitive and wasteful,” especially given the bank’s current focus on recapitalization and realignment after challenges posed by previous management.
The chairman’s absence at the event was notable, although the gathering attracted numerous dignitaries and senior executives of the bank.
Described as a “no-nonsense activist investor,” Otedola is said to be gearing up for further “drastic” measures to curb wastefulness and reposition the institution.
According to a source, the chairman is committed to “plugging leakages that have hindered the bank’s progress over the years” and ensuring prudent management of shareholders’ resources.
