First Bank Begins Search For Ani-Mummuny’s Successor; The Otedola’s Connection

Femi Otedola, the Chairman of First Bank of Nigeria Holdings, FBNH forced the resignation of Folake Ani-Mumuney’ the Global Head of Marketing and Communication of the financial service provider.

Following Ani-Mummuny’s resignation, the commercial bank has embarked on a search for her successor, as the position cannot be allowed to remain vacant due to its key role in the company, according to many sources familiar with the issue.

The Cable reports that Otedola’s decision was based on what is happening lately in the bank, including allegation of allege financial recklessness, which he’s not happy with, particularly as related to the send off party held for the former Managing Director of the bank, Adesola Adeduntan.

The  party was believed to have held at the Harbour Point, Victoria Island, Lagos, on November 2, in honour of Adeduntan, who was First  Bank chief executive for close to a decade,until April this year when he was forced out of the commercial behemoth.

The magazine reported that the former chief executive was forced to exit the commercial bank early this year, few months to his official retirement due to allegations of financial impropriety to the tune of N60 billion.

Following his resignation, the management of the bank was said to have thrown a lavish party for him last month, a development that did not sit well with Otedola, who after acquiring the majority shares of the bank this year, has been having it rough with some top executives of the commercial bank.

According to the newspaper, Otedola was said to have gotten angry after he discovered, through documents, that a whopping sum was spent on the party to usher Adeduntan out of service after more than three decades in the bank.

In her position as the chief organiser for the commercial bank, Ani-Mumuney’ was responsible for organising ‘such things which is clearly under her jurisdiction” a close source in the bank informed the magazine on Monday following reports that Otedola forced her sack from the position.

Other sources however countered this position saying Ani-Mumuney could not have carried out such an important task without the approval of the current chief executive.

Otedola’s query should have been directed at the managing director of the bank who must have granted approval for the party, according to these sources who claimed that Ani-Mumuney’ could not have gone ahead to organise the party on her own, but also added that she probably got caught up in the web of the recent battle for control of the bank between Otedola and other powerful forces in the bank, by virtue of her position and closeness to Adeduntan.

Instructively, the FBNH chairman was said to have been angry in the manner the party was carried out, considering that Adeduntan was forced to leave the bank in a controversial circumstances.

But other sources in the bank have informed the magazine that Ani-Mumuni had a blossom relationship with the former chief executive, under whom she worked for many years, because of the nature of their jobs which required that they synergise in the interest of the bank.

Otedola became the chairman of the board of directors of FBNH in January this year after a prolonged battle which later led to the exit of his predecessor.

Also, the billionaire, in June this year regained his position as the majority shareholder of First Bank, after acquiring 9.41 per cent stake worth  N18.9 billion of the group’s shares on the Nigerian Exchange, NGX.

His company had on June 20 filed  a corporate notice to the NGX informing that Otedola directly acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion to take the top spot in the bank as its biggest shareholder.