FirstBank sacks 100 senior staff in major restructuring drive

FirstBank of Nigeria has reportedly laid off about 100 senior staff members as part of a move to restructure the lender.

Nairametrics, quoting sources familiar with the matter, reported on Monday that the bank’s top executives were asked to leave as part of its corporate restructuring and repositioning plan for 2025, following the confirmation of Olusegun Alebiosu as FBN’s managing director and chief executive officer in June.

The sources told the platform that the exits appear to be part of a concerted effort by the board led by Femi Otedola, its chairman, to introduce fresh blood into several leadership positions in the bank.

However, another source within the bank according to the report, said some of the exits were voluntary, especially for senior executives who intend to explore other career prospects.

The publication said the shakeup also affected a prominent executive director whose tenure was not renewed over mutually agreed circumstances.