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First Bank sacks 100 senior staff in major restructuring move

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First Bank of Nigeria (FBN) has laid off about 100 senior staff members in a major organisational shakeup.

According to Nairametrics, a reliable source with direct knowledge of the matter said some of the bank’s top executives were asked to leave as part of its repositioning plan for 2025 – following the confirmation of Olusegun Alebiosu as FBN’s managing director (MD) and chief executive officer (CEO) in June.

The sources told the publication that the exits appear to be part of a concerted effort by the board led by Femi Otedola, its chairman, to introduce fresh blood into several leadership positions in the bank.

Another source within the bank suggests some of the exits were voluntary, especially for senior executives who intend to explore other career prospects.

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It is also understands that the exits include a prominent executive director whose tenure was not renewed over mutually agreed circumstances.

Information from the bank’s website shows it has about 13 members in its executive team, six general managers, 33 deputy general managers, and 37 assistant general managers.

FirstBank has been undergoing significant management and board shakeups since Femi Otedola assumed the role of chairman of the parent company.

The latest management exits at FirstBank follow a series of significant board changes made earlier in the year, as billionaire businessman Femi Otedola took the reins as Chairman of FBN Holdings.

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These changes have marked a transformative era for FirstBank and its parent company, FBN Holdings, signaling a clear focus on repositioning the institution for long-term growth and stability.

In March 2024, FBN Holdings announced the appointment of five elite directors, formally ushering in the Otedola era.

This strategic move aimed to inject fresh perspectives and expertise into the group’s boardroom, paving the way for the transformational agenda under Otedola’s leadership.

By May, Tunde Odukale, the Chairman of FirstBank Limited, exited his role, making way for Ebenezer Olufowose. Olufowose’s appointment as Chairman was seen as a critical step toward strengthening governance structures at the bank.

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In June, the bank further reshuffled its executive leadership, confirming the appointment of Olusegun Alebiosu as Managing Director and Ini Ebong as Deputy Managing Director.

These appointments were part of a deliberate strategy to bolster the bank’s operational capabilities ahead of its ambitious repositioning plans.

In October, the momentum continued with the appointment of Wale Oyedeji as the new Group Managing Director of FBN Holdings Plc.

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Just in: Shettima jets out to attend Senegal’s independence

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Vice President Kashim Shettima has departed Abuja for Dakar, Senegal for official assignment.

The VP is expected to represent President Bola Ahmed Tinubu at the West African nation’s 65th Independence Anniversary celebrations.

Senegal marks its Independence Day on April 4 each year, commemorating its liberation from French colonial rule in 1960.

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The annual celebration is a significant event featuring national parades, cultural displays, and ceremonies highlighting the country’s achievements and unity.

A statement issued on Thursday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, said Shettima’s participation followed an official invitation from Senegalese President, Bassirou Diomaye Faye.

This underscored the strong diplomatic and economic ties between Nigeria and Senegal.

The two nations share longstanding relations, particularly within the Economic Community of West African States (ECOWAS), fostering cooperation on regional security, trade, and development initiatives.

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The event is expected to reaffirm Senegal’s commitment to democratic governance and regional cooperation.

Vice President Shettima is scheduled to return to Nigeria immediately after the one-day celebrations, continuing his engagements in national development and diplomatic outreach.

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Just in: “Ignore rumour mongers, there was no time I collapsed “-Wike asserts

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Federal Capital Territory FCT minister, Nyesom Wike on Thursday dismissed social media reports that he collapsed last week, describing the reports as the handiwork of rumour mongers trying to score cheap political points.

Wike spoke after he inspected four ongoing projects in the territory, including the International Conference Centre ICC.

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CJ transfers Natasha’s case to Justice Nyako

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The Chief Judge of the Federal High Court, Justice John Tsoho, has reassigned the suit filed by Senator Natasha Akpoti-Uduaghan against Senate President Godswill Akpabio and others to Justice Binta Nyako.

The case, which was initially handled by Justice Obiora Egwuatu, will now be heard afresh by Justice Nyako following Egwuatu’s withdrawal from the matter. His decision came after allegations of bias were reportedly raised by Akpabio, the third defendant in the suit.

Justice Egwuatu withdrew from the case on March 25, citing concerns over judicial integrity.

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“Justice is rooted in confidence in the court. Once a litigant expresses his belief that there is bias or likelihood of bias on the part of the judge, it will not be in the interest of justice for the judge to continue,” he stated.

He forwarded the case file to the Chief Judge for reassignment.

Senator Akpoti-Uduaghan, who represents Kogi Central Senatorial District, had filed the lawsuit to halt an investigation into her alleged misconduct by the Senate Committee on Ethics, Privileges, and Public Petitions. She had sought an interim injunction to prevent the committee from proceeding with disciplinary actions against her.

Justice Egwuatu previously issued an order on March 4 declaring Akpoti-Uduaghan’s suspension by the Senate null and void. However, on March 19, he set aside a portion of his ruling after hearing arguments from both sides. The Senate had filed a motion urging the court to vacate the order, arguing that it interfered with its legislative duties and could lead to a constitutional crisis.

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During legal proceedings, the Senate’s lawyer, Chikaosolu Ojukwu, argued that the court’s order restrained the Senate from fulfilling its constitutional responsibilities, while Akpoti-Uduaghan’s counsel, Michael Numa, opposed the motion, describing it as a disregard for the court’s authority. He urged the court to dismiss the Senate’s application and take disciplinary action against the defendants for contempt.

Akpoti-Uduaghan also filed a contempt charge, asserting that her suspension was a deliberate violation of the court’s interim injunction. She maintained that the court’s directive was duly served on the defendants, but they proceeded with actions in defiance of the ruling.

Nigeria’s 1999 Constitution (as amended) grants the National Assembly the authority to manage its internal affairs, including disciplining its members. However, this power is not unlimited. It must be exercised in accordance with constitutional provisions, due process, and the rule of law.

The principle of separation of powers, outlined in Section 4 for the legislature, Section 6 for the judiciary, and Section 5 for the executive, ensures that each arm of government functions independently without interference. However, courts have the authority to review legislative actions if they infringe on fundamental rights or violate existing laws.

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Judicial rulings have established that while legislatures hold disciplinary authority, their actions must align with the principles of natural justice, particularly the right to a fair hearing, as outlined in Section 36 of the Constitution. The outcome of this case could clarify the extent of legislative immunity and determine whether courts can override Senate disciplinary actions when due process is at stake.

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