Power Tussle At First Bank As Three Executive Directors Resign

PHOTO: FIRST BANK PLC CORPORATE HEADQUARTERS, MARINA, LAGOS, NIGERIA.

San Francisco, July 16, (THEWILL) - Three Executive Directors at Nigeria's First Bank Plc have suddenly resigned from their top jobs following what some insiders say is a power tussle at the leadership of the first generation bank.

First Bank in a statement on Friday said its Chief Financial Officer (CFO) Oladele Oyelola; Lagos Executive Director, Bola Adesola; and Banking Operations and Services Executive Director Abdul Abubakar, all resigned voluntarily to "pursue other opportunities."

First Bank did not give any reasons for their resignation but Group Managing Director, Mr. Bisi Oni said interim replacements have been appointed until substantive replacements are hired.

"We are very proud of the achievements that each of these individuals has made and of their significant contributions towards strengthening and sustaining First Bank's leadership position," Mr. Onasanya said.

Top executives at First Bank Plc have been at war over leadership issues since the departure of former Chief Executive Officer, Mr. Sanisu Lamido Sanusi to the central bank as its Governor.

A source at First Bank who declined to be named said more top executives may be forced to resign as the power tussle continues.