The previous World Head of Advertising and marketing and Company Communications at one among Nigeria’s largest banks, FirstBank Ltd, has resigned.
Folake Ani-Mumuney, one of the crucial skilled and revered advertising executives in Nigeria, has been instrumental in shaping the {bank}’s communication and advertising methods.
Nevertheless, studies from TheCable recommend that her resignation was prompted by the {bank}’s chairman, Femi Otedola.
Based on the report, Mr. Otedola was “severely irked” by a lavish send-off occasion 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 occasion, describing it as “insensitive and wasteful,” particularly throughout a time when the {bank} is targeted on recapitalization and restructuring for better effectivity.
Nairametrics understands that FirstBank is present process a major restructuring, with value 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 value has gained 11% year-to-date, at present priced at N26 per share. FirstBank can also be present process a rights challenge geared toward bolstering its capital base.
Sources near Nairametrics recommend that Mr. Otedola is dedicated to streamlining the {bank}’s operations and has persistently cautioned towards “extravagant” spending.
Based on 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 recommend 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 value appreciation. So, it’s no shock that that is occurring.”
The reported resignation has brought on ripples among the many {bank}’s senior management, sparking discussions concerning the new path underneath Otedola’s watch.
