First Bank sacks 100 staff

In a sweeping organizational overhaul, First Bank of Nigeria (FBN) has reportedly dismissed about 100 senior staff members.

According to a report by Nairametrics on Monday, the mass shakeup comes in the wake of Olusegun Alebiosu’s appointment as the bank’s Managing Director and Chief Executive Officer in June.

Sources suggest the move is part of a strategic effort by the board, chaired by billionaire businessman Femi Otedola, to inject new talent into leadership roles and reposition the bank for greater efficiency.

While many of the affected staff were laid off, some departures were voluntary, with senior executives opting to pursue other opportunities outside the bank.

Additionally, a top executive director’s contract was reportedly not renewed, a decision said to have been reached through mutual agreement.