Sources said the reorganisation is part of the broader plan of the new board of the institution chaired by Mr. Femi Otedola to inject fresh blood into the bank and achieve the targets of the board to the new management.

It was learnt that the board of the company approved the exit of the members who are in the senior cadres.

While some exited voluntarily, a few others were asked to exit the system amidst plans to inject fresh blood into the organisation.

While there was no official comment from the FirstBank as of press time, a source in the bank confirmed the development, saying however it was a normal routine organisation restructuring.

“I think it is just a normal corporate restructuring which you see in any corporate environment. This is part of the efforts of the new board to reposition the company for better performance.The new board is keen about repositioning the bank and it is ready to take drastic decisions to keep the bank on track.”

It would be recalled that the Otedola-led bank recently wielded the big stick when he asked Folake Ani-Mumuney to resign as First Bank’s global head of marketing and corporate communications.

There was no immediate response from the Head of Media and External Relations of the Bank, Ismail Omamegbe, as of press time. (Daily Trust, but headline rejigged)