The former Global Head of Marketing and Corporate Communications at one of Nigeria’s largest banks, FirstBank Ltd, has resigned.
Folake Ani-Mumuney, one of the most experienced and respected marketing executives in Nigeria, has been instrumental in shaping the bank’s communication and marketing strategies.
However, reports from TheCable suggest that her resignation was prompted by the bank’s chairman, Femi Otedola.
According to the report, Mr. Otedola was “seriously irked” by a lavish send-off party organized by the bank for its former Managing Director, Adesola Adeduntan. The event, held at Harbour Point, Victoria Island, Lagos, on November 2, was in honor of Adeduntan, who served as GMD and CEO for nine years until April 2024.
Adeduntan himself resigned earlier this year under controversial circumstances as Mr. Otedola sought to reposition the bank for stronger competition.
The TheCable report highlights Mr. Otedola’s frustration with the lavish send-off party, describing it as “insensitive and wasteful,” especially during a time when the bank is focused on recapitalization and restructuring for greater efficiency.
Nairametrics understands that FirstBank is undergoing a significant restructuring, with cost reduction emerging as a primary objective.
FBN Holdings reported operating expenses of N421.3 billion in the first nine months of 2024, a sharp increase from N212.1 billion recorded in the same period last year. Advertising and promotional expenses also surged to N44.5 billion, compared to N20 billion a year earlier.
The bank’s share price has gained 11% year-to-date, currently priced at N26 per share. FirstBank is also undergoing a rights issue aimed at bolstering its capital base.
Sources close to Nairametrics suggest that Mr. Otedola is committed to streamlining the bank’s operations and has consistently cautioned against “extravagant” spending.
According to TheCable, he is reportedly planning to implement more “drastic” measures to ensure FirstBank maintains a standard of impeccable banking “devoid of extravagance and waste of shareholders’ resources.”
Folake Ani-Mumuney is a highly regarded figure in the branding and communications industry, with several stakeholders praising her contributions via social media.
Nairametrics understands that she had been planning her exit from the bank for years to focus on personal ambitions.
Analysts who spoke with Nairametrics suggest that Mr. Otedola’s actions send a strong message to the bank’s management.
One analyst noted, “We all know Otedola is a stickler for compliance, profitability, and share price appreciation. So, it’s no surprise that this is happening.”
What to know
The reported resignation has caused ripples among the bank’s senior leadership, sparking discussions about the new direction under Otedola’s watch.
- The development shows the chairman’s intent to hold leadership accountable for decisions that may not align with the bank’s strategic goals.
- Adeduntan, who had been credited with steering the bank through challenging times, has not commented on the matter.
- While the farewell event was well attended by dignitaries including state governors, the controversy surrounding the expense appears to linger on as the bank prepares for a future after Mrs. Ani-Mumuney.
- First Bank has yet to issue an official statement regarding Ani-Mumuney’s position or the alleged concerns raised by Otedola.
- However, the situation reflects broader efforts to enforce a culture of transparency and financial prudence.
- As Nigeria’s oldest financial institution, First Bank is navigating a critical period of transformation, and Otedola’s leadership is signaling a firm stance on aligning the bank’s operations with shareholder and market expectations.