The send-off party held in honour of Adesola Adeduntan, immediate-past Group Managing Director (GMD) and Chief Executive Officer (CEO) of First Bank at the Harbour Point, Victoria Island, Lagos, on November 2, 2024 (who exited in April) has caused a major shakedown in Nigeria’s oldest bank and sent panic across its top echelon.
A major fallout from the event saw Folake Ani-Mumuney lost her job.
According to a report by The Cable, Folake was asked to resign as First Bank’s Global Head of Marketing and Corporate Communications by Femi Otedola, Chairman of the Holding Company.
Quoting a top employee of the bank, TheCable reported that Otedola was “seriously irked” when he learnt that a whopping sum was spent on a send-off party for Adesola Adeduntan, former GMD/CEO of the Bank who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud.
An angry Otedola 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 report said.
Otedola, Chairman of FBN Holdings Plc, was conspicuously absent at the party last month, which had in attendance many dignitaries and top management of the bank.