In a historic shakeup, FirstBank of Nigeria, the nation’s oldest financial institution and a key subsidiary of FBN Holdings, has exited approximately hundred senior executives in a sweeping organizational restructuring.
This bold move, insiders reveal, forms part of a long-term repositioning strategy aimed at preparing the bank for 2025 and beyond.
Sources with direct knowledge of the matter confirmed that the restructuring involved the departure of top-level executives, including a prominent executive director whose tenure ended under mutually agreed terms.
While some executives voluntarily chose to leave, the board reportedly initiated other exits to bring in new talent and perspectives.
“This is not merely a routine change,” said one insider. “It’s a deliberate step to realign the leadership structure and adapt to the evolving banking landscape.”
The bank’s leadership shakeup aligns with its broader agenda of enhancing governance, operational efficiency, and competitiveness in the dynamic Nigerian financial sector.
The approval for these sweeping changes came from FirstBank’s board as part of its overarching strategy to drive growth and ensure long-term sustainability.
This recent development continues a series of transformative actions spearheaded by FBN Holdings Chairman, Femi Otedola, since his appointment. Key milestones in the bank’s restructuring include: Appointment of five elite directors to FBN Holdings’ board, emphasizing governance revitalization in March, replacement of FirstBank Limited’s Chairman, Tunde Odukale, with Ebenezer Olufowose, marking a significant governance shift in May, 2024.
Also in June 2024 the group appointed Olusegun Alebiosu as Managing Director and Ini Ebong as Deputy Managing Director, strengthening executive leadership, and in October 2024, the group confirmed Wale Oyedeji as Group Managing Director of FBN Holdings, further solidifying leadership transitions.
These actions are part of an ambitious agenda to align FirstBank’s operations with market demands and position it as a leader among Nigeria’s top-tier banks.
Despite the extensive leadership changes, FirstBank has shown strong financial performance.
The bank’s share price has surged by 18.47 per cent year-to-date, making it one of the best-performing stocks in the financial sector for 2024.
Additionally, FirstBank closed a N149.5 billion rights issue on December 30, 2024, a move designed to meet the Central Bank of Nigeria’s recapitalization requirements.
Financial experts see the restructuring as a proactive step to adapt to Nigeria’s competitive banking environment.
“The changes at FirstBank reflect a keen understanding of the need for agility in the face of economic shifts,” said Dr. Ayodeji Balogun, a financial analyst.
“Femi Otedola’s leadership has set the tone for a more innovative and sustainable approach to governance and growth.”
As FirstBank enters a new chapter, the focus is on consolidating its gains and navigating the challenges of Nigeria’s evolving economic landscape.
With a revamped leadership structure, the bank aims to solidify its legacy as a resilient financial institution while driving innovation and market leadership.
