Fresh details have emerged concerning why Folake Ani-Mumuney, the global head of marketing and corporate communications of First Bank left the over 10
Fresh details have emerged concerning why Folake Ani-Mumuney, the global head of marketing and corporate communications of First Bank left the over 100 years old financial institution.
Ani-Mumuney’s departure was announced as a retirement after a 15-year tenure at the bank on December 2nd.
Ani-Mumuney was allegedly asked to resign by Femi Otedola, the chairman of the holding company.
Insiders reveal that Otedola was allegedly shocked when he learned that a whopping sum was spent on a send-off party for Adesola Adeduntan who was GMD and CEO for nine years until April 2024.
A lot of dignitaries were in attendance at the party which held at Harbour Point event centre in Lagos on November 2 but Otedola was conspicuously absent.
Adeduntan sources reveal was allegedly forced to resign before the end of his tenure over negligence in a N60 billion electronic fraud.
Recall that in May, a staff of the bank, Tijani Muiz Adeyinka, a manager on the electronic products team, diverted over N40 billion of customers’ funds to 98 bank accounts and then disappeared into thin air.
The bank reported the incident to the Nigerian Police Force on March 25, 2024, and obtained three court orders between April 4–8, 2024 to block hundreds of bank accounts believed to have received the stolen funds.
Over 100 employees with direct knowledge of the matter, including full-time and contract staff of First Bank’s large operations department, were given termination letters in July as a result of this. The head of transactions at the time was also fired.
Those employees were accused of laxity in carrying out their duties and were told they should have spotted the fraud earlier. First Bank’s management team believed it was impossible for a fraud of that scale and timeline to have been executed without the knowledge of Adeyinka’s superiors.
In light of this, Otedola allegedly believed it was insensitive and wasteful to throw such a lavish party when the clear direction and mandate of the bank is to recapitalise and reposition the institution from excesses of the past management.
This allegedly prompted his actions to show Ani-Mumuney the way out.
