Otedola Forced Resignation of FirstBank’s Marketing Head – Report

Lagos, Nigeria – Folake Ani-Mumuney, the former Global Head of Marketing and Corporate Communications at FirstBank Ltd, has resigned amid ongoing restructuring at the bank.

Her departure, confirmed by sources, follows alleged dissatisfaction from the bank’s chairman, Femi Otedola, over recent events.

Reports from TheCable indicate that Mr Otedola was displeased with a lavish send-off party held on November 2 for the bank’s former Managing Director and CEO, Adesola Adeduntan, who exited the role earlier this year. The event, hosted at Harbour Point, Lagos, was deemed “insensitive and wasteful” by the chairman, given the bank’s current focus on cost reduction.

FirstBank has been grappling with rising expenses, recording operating costs of N421.3 billion in the first nine months of 2024, a significant increase from N212.1 billion during the same period last year. Advertising expenses alone surged to N44.5 billion, more than double the N20 billion reported in 2023.

Mr Otedola, known for his no-nonsense approach to corporate governance, has emphasised financial discipline and shareholder value. The bank is currently undergoing a rights issue to strengthen its capital base and enhance operational efficiency.

Folake Ani-Mumuney, a respected figure in Nigeria’s branding and communications industry, has received widespread praise for her contributions. Reports suggest she had been planning her departure for years to focus on personal goals.

Analysts believe the chairman’s stance reinforces his vision for a leaner and more competitive FirstBank. As one analyst noted, “Otedola’s leadership style prioritises compliance and profitability, leaving no room for extravagant practices.”

FirstBank’s share price remains robust, gaining 11% year-to-date to trade at N26, reflecting investor confidence in the bank’s restructuring efforts.