FirstBank exits 100 senior executives in major shakeup in 2024

FirstBank of Nigeria, the country’s oldest financial institution and a key entity under FBN Holdings, has exited approximately 100 senior executives as part of a sweeping organizational restructuring.

The move, which insiders describe as a repositioning effort for 2025, underscores the bank’s ongoing transformation under the leadership of Femi Otedola, Chairman of FBN Holdings.

According to sources familiar with the development, the restructuring includes the departure of top executives, including a prominent executive director whose tenure was not renewed under mutually agreed circumstances.

While some of the exits were voluntary, others were reportedly part of a deliberate effort by the board to inject new talent into the bank’s leadership.

The restructuring aligns with the bank’s strategic agenda to enhance governance and operational efficiency. Insiders suggest the changes were approved by FirstBank’s board to recalibrate leadership as the institution prepares for significant growth initiatives.

FirstBank’s leadership overhaul began earlier in the year following Otedola’s assumption of chairmanship at FBN Holdings.

In March 2024, the holding company appointed five elite directors to the board, signaling a commitment to revitalizing its governance structure. This was followed by a series of pivotal changes, including:

These changes are part of an ambitious plan to align the bank’s operations with its long-term growth strategy and reposition it as a leader in the Nigerian banking industry.

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FirstBank’s recent restructuring efforts coincide with its broader financial and operational targets. The bank closed its N149.5 billion rights issue on December 30, 2024, positioning itself to meet the Central Bank of Nigeria’s recapitalization mandate.

Industry experts view these changes as essential for sustaining competitiveness in the highly dynamic Nigerian banking sector.

“The restructuring at FirstBank reflects a strategic response to evolving market realities,” noted Dr. Ayodeji Balogun, a financial analyst.

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“With Otedola at the helm, the bank is clearly signaling its intent to prioritize governance, innovation, and long-term stability.”

FirstBank has been one of the standout performers among Nigeria’s top-tier banks in 2024, achieving an 18.47% year-to-date increase in share price.

The positive market response is attributed to investor confidence in the bank’s leadership direction and ongoing recapitalization efforts.

As FirstBank ushers in a new era under Otedola’s leadership, the institution appears poised for transformation. The sweeping changes to its leadership and operational structure aim to cement its position as a resilient and innovative financial institution, prepared to navigate Nigeria’s evolving economic landscape.

The coming year will test the bank’s ability to deliver on its repositioning agenda and maintain its legacy as a cornerstone of Nigeria’s financial sector.