Lagos, Nigeria – FirstBank Nigeria has initiated a significant restructuring of its leadership team, resulting in the departure of nearly 100 senior staff members. This move aligns with the bank’s 2025 repositioning plan, aimed at driving growth and long-term stability.
The decision, approved by the bank’s board, follows a series of leadership changes, including the appointments of Olusegun Alebiosu as Managing Director and Ini Ebong as Deputy Managing Director.
Under the leadership of FBN Holdings Chairman Femi Otedola, the bank is undergoing a comprehensive transformation. The recent leadership changes are part of a broader strategy to streamline operations and introduce new perspectives across key roles. 
While some departures were voluntary, others were initiated by the bank as part of the restructuring process. This includes the departure of an executive director, signifying a significant shift in the bank’s leadership framework.
Background
- FirstBank has recently undergone a period of significant change, including a board reshuffle and the appointment of a new Group Managing Director for FBN Holdings.
- The bank successfully completed a ₦149.5 billion rights issue to meet regulatory capital requirements.
- FirstBank has demonstrated strong financial performance in 2024, with a year-to-date share price increase of 18.47%.
Challenges and Focus on Accountability:
The restructuring follows the recent dismissal of over 100 employees implicated in a ₦40 billion fraud incident.
This event highlighted the need for enhanced operational oversight and accountability within the bank.
Looking Ahead
FirstBank is committed to strengthening its position in the Nigerian financial sector through these strategic initiatives.
The bank aims to leverage its strong foundation and innovative leadership to navigate the evolving financial landscape and deliver exceptional value to its customers.
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