Otedola Enforces Stricter Discipline at First Bank Over Alleged Extravagance

Femi Otedola, Chairman of First Bank’s holding company, has reportedly demanded the resignation of Folake Ani-Mumuney, Global Head of Marketing and Corporate Communications, following backlash over an opulent send-off party organized for the bank’s former Managing Director, Adesola Adeduntan.

Sources disclosed that Otedola, known for his no-nonsense approach to corporate governance, was incensed by the significant funds spent on the event. The send-off was held on November 2 at Harbour Point, Victoria Island, Lagos, despite Adeduntan’s controversial exit linked to alleged negligence in a ₦60 billion electronic fraud.

Insiders stated Otedola viewed the event as “insensitive and wasteful,” particularly given First Bank’s ongoing efforts to reposition and recapitalize. A source revealed, “Otedola is committed to eradicating extravagance and ensuring prudent use of shareholders’ resources, especially given past management’s lapses.”

The development has reportedly unsettled First Bank’s leadership as Otedola prepares to enforce stricter measures to restore accountability and efficiency.

Adeduntan served as the bank’s GMD/CEO for nine years before stepping down in April 2024. While Otedola was absent from the event, the celebration drew prominent dignitaries and top management members.

The incident underscores Otedola’s resolve to instill a culture of discipline and fiscal responsibility within Nigeria’s oldest financial institution.