UPDATE; First Bank’s Marketing Head, Folake Ani-Mumuney, Resigns Amid Scandal Over Lavish Party Approval

Track News Online reports that Folake Ani-Mumuney, the Global Head of Marketing and Corporate Communications at First Bank, has tendered her resignation following controversy over her approval of an extravagant farewell party for the bank’s outgoing Managing Director, Adesola Adeduntan.

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Our reporter gathered that the lavish event, held on November 2 at Harbour Point, Victoria Island, Lagos, cost the bank hundreds of millions of naira. The party featured luxurious champagne, expensive wine, and high-profile attendees, creating a spectacle that sparked internal and public scrutiny.

According to TrackNews Online, the event’s timing and scale clashed with the bank’s recent struggles to restore its image following a 60 billion naira fraud scandal earlier this year. The scandal, which saw staff members allegedly colluding to siphon funds, led to the forced resignation of Adeduntan after the bank’s chairman, Femi Otedola, expressed dissatisfaction with his leadership and handling of the crisis.

TrackNews Online understands that as head of marketing, Ani-Mumuney was responsible for organizing the farewell party. However, her decision to approve such a grand affair, particularly during a period of financial recovery, raised eyebrows. Otedola, who reportedly learned of the party’s scale through video footage, expressed disappointment over the perceived insensitivity of the event.

Sources told our reporter that Ani-Mumuney’s resignation was inevitable after Otedola voiced his concerns about the potential reputational damage the event could cause to the 129-year-old institution. Her exit marks the end of a career that had positioned her as one of the country’s leading marketing experts.

TrackNews Online reports that Ani-Mumuney’s professional journey, which included notable roles at British Airways and the Dangote Group, had been widely celebrated until this controversy. While her tenure at First Bank was marked by significant contributions to the bank’s branding and corporate communications, the decision to host such an opulent event proved costly.

Ani-Mumuney’s resignation underscores the delicate balance between corporate decision-making and financial accountability, particularly in the wake of crises. For First Bank, the episode adds another chapter to its ongoing efforts to rebuild trust and fortify its reputation amidst internal and external challenges.