First Bank’s marketing chief asked to resign amid extravagance controversy

Folake Ani-Mumuney, First Bank’s Global Head of Marketing and Corporate Communications, has reportedly been asked to resign by Femi Otedola, the chairman of FBN Holdings, sources revealed to News360 Nigeria.

The move comes after Otedola allegedly expressed strong displeasure over the lavish send-off party held for Adesola Adeduntan, the bank’s former Managing Director. Adeduntan was compelled to step down in April 2024 amid allegations of negligence in a ₦60 billion electronic fraud case. The party, held at Harbour Point, Victoria Island, Lagos, on November 2, reportedly incurred significant expenses, which Otedola deemed “insensitive and wasteful” given the bank’s ongoing recapitalization efforts.

While it remains unclear if Ani-Mumuney’s resignation request was directly tied to the event, insiders disclosed that Otedola has been taking firm steps to reform the institution, cutting costs, and addressing perceived excesses of the past management.

The development has reportedly caused unease among the bank’s senior executives, with a source noting that the chairman is determined to instill a culture of fiscal discipline and safeguard shareholder resources.

Otedola, known for his reputation as a “no-nonsense activist investor,” is said to be planning further reforms to reposition First Bank as a model of prudent financial management.