Otedola Moves to Clean House at First Bank Following Lavish Party Scandal

Femi Otedola, chairman of First Bank’s holding company, has reportedly asked Folake Ani-Mumuney, the bank’s global head of marketing and corporate communications, to resign. Sources close to the matter revealed that Otedola was incensed over the extravagant send-off party held for Adesola Adeduntan, the bank’s former managing director.

The event, held on November 2 at Harbour Point, Victoria Island, Lagos, was a grand affair attended by dignitaries and senior management, despite Otedola’s absence. Insiders claim the party’s cost raised alarms, particularly given the bank’s recent challenges. Adeduntan, who served as GMD and CEO for nine years before stepping down in April 2024, had faced scrutiny over alleged negligence in a N60 billion electronic fraud case.

Otedola, known for his no-nonsense approach as an activist investor, reportedly viewed the celebration as “insensitive and wasteful.” His dissatisfaction stems from a broader mandate to streamline First Bank’s operations, recapitalise, and eliminate what he perceives as financial excesses inherited from the previous management.

While it remains unclear if Ani-Mumuney’s resignation request is directly tied to the party’s expenses, insiders suggest it signals Otedola’s determination to enforce stricter financial discipline. One source noted that the chairman is prepared to take “drastic actions” to realign the bank’s priorities, focusing on impeccable banking practices and protecting shareholders’ resources.

This development has reportedly unsettled the bank’s upper management, as Otedola intensifies efforts to address inefficiencies and curb spending that has hindered First Bank’s progress.