Folake Ani-Mumuney, the former Global Head of Marketing and Corporate Communications at FirstBank Ltd, has resigned, following pressure from the bank’s chairman, Femi Otedola. Ani-Mumuney, a highly regarded marketing executive, played a key role in shaping the bank’s marketing and communication strategies.
Reports indicate that Otedola was angered by a lavish farewell party organized for the bank’s former Managing Director, Adesola Adeduntan, held on November 2 at Harbour Point in Lagos.
The event, celebrating Adeduntan’s nine-year tenure as CEO, was viewed by Otedola as wasteful and insensitive, particularly during a time when the bank is focused on recapitalization and restructuring.
FirstBank is undergoing a major restructuring aimed at reducing costs, following a sharp rise in operating expenses. In the first nine months of 2024, the bank’s operating costs surged to N421.3 billion, up from N212.1 billion the previous year, with advertising expenses nearly doubling.
Otedola, who is focused on streamlining the bank’s operations, is reportedly determined to cut unnecessary expenditures and prevent further waste of shareholders’ resources.
Peoplesmind
