Otedola Influences Resignation of First Bank Marketing Chief Due to Excessive Party Spending -Reports

Folake Ani-Mumuney, the former head of marketing at First Bank Ltd., one of Nigeria’s biggest banks, has stepped down from her position.

Known as a respected figure in Nigerian marketing, Ani-Mumuney was crucial in shaping the bank’s marketing and communication strategies.

Reports from TheCable suggest that her resignation might have been influenced by the bank’s chairman, Femi Otedola.

The reason could be linked to his dissatisfaction with a lavish party held to say goodbye to the bank’s former Managing Director, Adesola Adeduntan.

This party took place on November 2 at Harbour Point, Victoria Island, Lagos, to mark the end of Adeduntan’s nine-year role, which concluded in April 2024 under controversial circumstances.

The article from TheCable describes Otedola’s reaction to the farewell event as seeing it as “insensitive and wasteful,” particularly at a time when the bank is focusing on saving money and improving efficiency.

FirstBank is currently making major changes to cut costs. In the first nine months of 2024, the bank’s operating expenses doubled, and money spent on advertising and promotions more than doubled compared to the previous year.

Femi Otedola has publicly stated his commitment to cutting back on unnecessary spending as part of a wider plan to improve the bank’s financial health and value for shareholders.

His future plans include more strict measures to make sure the bank keeps a high standard of efficiency and avoids wasteful spending, as reported by TheCable.

Ani-Mumuney is praised on social media for her impact on the branding and communications industry, and sources say she had been planning to leave the bank to focus on personal projects.

Her departure has sparked discussions among the bank’s leadership about its new direction under Otedola’s management.

The bank, whose stock price has increased by 11% this year, is also working on a financial offering to strengthen its capital.

Analysts view Otedola’s recent actions as a clear sign of his focus on rules, making money, and increasing value for shareholders.

They interpret these moves as a direct message to the bank’s management to strictly follow the strategic goals.

As Nigeria’s oldest bank goes through significant changes, the emphasis on being open and financially sensible under Otedola’s leadership marks an important time for First Bank.

However, there has yet to be an official statement from the bank regarding Ani-Mumuney’s resignation or the issues reportedly raised by Otedola.