Adesola Adeduntan: First Bank fresh internal crisis has become unbearable for top staff complaining over his return.
According to recent indices, Firstbank, Nigeria’s oldest bank, is progressively becoming accustomed to being engaged in one internal crisis after another, resulting in a drop in its stock market performance.
Remember that earlier this year, Adesola Adeduntan, whose first term as Managing Director and Chief Executive Officer of the bank was set to end in December 2021, was ousted following a major internal crisis allegedly manufactured by Ibukun Awosika and Oba Otudeko.
Bank Managing Directors are free to run for a second term in office, according to Central Bank directives.
Despite the fact that Adeduntan wanted to run for office a second time, according to ENigeria Newspaper inside sources, the Awosika-led management of Firstbank allegedly ousted him and made his ouster look like a voluntary retirement.
Recall that the bank was going through some rocky moments at the management level – a revelation that was promptly debunked by the ailing lender until the bubble burst.
An exclusive and extensive investigation by ENigeria Newspaper revealed that, prior to the intervention of Godwin Emefiele’s Central Bank of Nigeria, which saw Adeduntan reinstated to his position, some Firstbank management staff had allegedly taken sides and declared allegiance with Awosika and Otudeko against the sitting MD/CEO.
Adeduntan apparently accepted fate because he knew his days were numbered after falling out of favor with the powers that be, but he obviously didn’t forget.
According to an inside source, Adeduntan believes that amid the crisis, several top staffers planted some negative reports about him in the media.
However, Emefiele stepped in, quashing the bank’s board of directors shortly after hand announcing Adeduntan’s reinstatement with immediate effect, in what has since been dubbed the most talked-about twist of fate in the banking industry.
It was gathered that Adesola Adeduntan has allegedly been victimizing some top executives and management personnel whom he suspected of conspiring against him amid his tribulations.
According to certain top management personnel who spoke with us, things haven’t been the same since the CBN announced Adesola Adeduntan’s return.
“MD has taken on the role of emperor, and he has been dealing mercilessly with those top staff who he believes worked against him under the previous board, which has made our job a little more difficult.
Everyone is jittery; no one knows what the next minute will bring. It’s even more concerning to consider that recent events have had a negative impact on some vital areas of the organization, slowing down activity and decision-making on critical matters,” the insider added.”
Adesola Adeduntan’s departure as Managing Director/Chief Executive Officer was announced by the Ibukun Awosika-led Firstbank board in April, with his deputy Gbenga Shobo taking over immediately.
But as a result of the CBN rescue move on Thursday, April 29, 2021, Adeduntan is in a better position for a second term as Managing Director/Chief Executive Officer, a development that that is further causing discomfort for his alleged victims.
Femi Otedola’s recent take over as Chairman of the Bank is brewing another huge dilemma. The 127-year-old FirstBank is undeniably in for more episodes of the unending drama.
Meanwhile when ENigeria Newspaper contacted Folake Ani-Mumuney and Chinwe Bode-Akinwande, both of the Firstbank Corporate Communications department, in August 2021, they both declined to speak, as text messages sent to their phones were not responded to.