About 100 senior staff members at First Bank of Nigeria (FBN) have been dismissed in a major organisational shakeup.
According to a report by Nairametrics on Monday, sources familiar with the matter said the bank’s top executives were asked to leave — as part of its corporate restructuring and repositioning plan for 2025 — following the confirmation of Olusegun Alebiosu as FBN’s managing director (MD) and chief executive officer (CEO) in June.
The sources told the publication that the exits appear to be part of a concerted effort by the board led by Femi Otedola, its chairman, to introduce fresh blood into several leadership positions in the bank.
However, another source within the bank said some of the exits were voluntary, especially for senior executives who intend to explore other career prospects.
The publication said the shakeup also affected a prominent executive director whose tenure was not renewed over mutually agreed circumstances.