Experiences: Otedola requests resignation of First Bank Advertising Chief over ‘lavish social gathering’ spending 

The previous International Head of Advertising and Company Communications at one in all Nigeria’s largest banks, FirstBank Ltd, has resigned.

Folake Ani-Mumuney, one of the vital skilled and revered advertising and marketing executives in Nigeria, has been instrumental in shaping the bank’s communication and advertising and marketing methods.

Nevertheless, studies from TheCable counsel that her resignation was prompted by the bank’s chairman, Femi Otedola.

In accordance with the report, Mr. Otedola was “significantly irked” by a lavish send-off social gathering organized by the bank for its former Managing Director, Adesola Adeduntan. The occasion, held at Harbour Level, Victoria Island, Lagos, on November 2, was in honor of Adeduntan, who served as GMD and CEO for 9 years till April 2024.

Adeduntan himself resigned earlier this yr underneath controversial circumstances as Mr. Otedola sought to reposition the bank for stronger competitors.

The TheCable report highlights Mr. Otedola’s frustration with the lavish send-off social gathering, describing it as “insensitive and wasteful,” particularly throughout a time when the bank is targeted on recapitalization and restructuring for higher effectivity.

Nairametrics understands that FirstBank is present process a big restructuring, with price discount rising as a major goal.

FBN Holdings reported working bills of N421.3 billion within the first 9 months of 2024, a pointy improve from N212.1 billion recorded in the identical interval final yr. Promoting and promotional bills additionally surged to N44.5 billion, in comparison with N20 billion a yr earlier.

The bank’s share worth has gained 11% year-to-date, at the moment priced at N26 per share. FirstBank can be present process a rights difficulty aimed toward bolstering its capital base.

Sources near Nairametrics counsel that Mr. Otedola is dedicated to streamlining the bank’s operations and has persistently cautioned in opposition to “extravagant” spending.

In accordance with TheCable, he’s reportedly planning to implement extra “drastic” measures to make sure FirstBank maintains an ordinary of impeccable banking “devoid of extravagance and waste of shareholders’ assets.”

Folake Ani-Mumuney is a extremely regarded determine within the branding and communications trade, with a number of stakeholders praising her contributions by way of social media.

Nairametrics understands that she had been planning her exit from the bank for years to concentrate on private ambitions.

Analysts who spoke with Nairametrics counsel that Mr. Otedola’s actions ship a powerful message to the bank’s administration.

One analyst famous, “Everyone knows Otedola is a stickler for compliance, profitability, and share worth appreciation. So, it’s no shock that that is occurring.” 

What to know  

The reported resignation has brought on ripples among the many bank’s senior management, sparking discussions concerning the new route underneath Otedola’s watch.

• The event reveals the chairman’s intent to carry management accountable for selections that won’t align with the bank’s strategic targets.
• Adeduntan, who had been credited with steering the bank via difficult instances, has not commented on the matter.
• Whereas the farewell occasion was nicely attended by dignitaries together with state governors, the controversy surrounding the expense seems to linger on because the bank prepares for a future after Mrs. Ani-Mumuney.
• First Bank has but to difficulty an official assertion concerning Ani-Mumuney’s place or the alleged issues raised by Otedola.
• Nevertheless, the state of affairs displays broader efforts to implement a tradition of transparency and monetary prudence.
• As Nigeria’s oldest monetary establishment, First Bank is navigating a vital interval of transformation, and Otedola’s management is signaling a agency stance on aligning the bank’s operations with shareholder and market expectations.