FirstBank, one of the subsidiaries of FBN Holdings Plc, now First Holdco Plc, has sacked and retire over 100 of its senior officials in what it tagged, ‘corporate restructuring and repositioning’.
We gathered that some of the bank’s top executives were asked to leave on age factor, various offences and others with no reason for the sack.
The moves we gathered is part of an effort by FBN Holdings (First Holdco) led by Femi Otedola, to introduce fresh blood into several leadership positions in the bank, following the confirmation of its new chief executive officer, Olusegun Alebiosu.
The lender has been undergoing significant management and board shakeups since Femi Otedola assumed the role of chairman of the parent company.
FirstBank share price is up 18.47% YTD and has been one of the better performers in 2024, compared to the rest of the FUGAZ. The bank also closed its N149.5 billion rights issue on December 30, 2024, as it aims to join the rest of the FUGAZ in meeting the recapitalization target set by the apex bank.
-additional report by Nairametrics
More to come…
