Following the resignation of Mr. Remi Babalola as the non-executive director of First Bank Holdings Plc and chairman of the company, the Central Bank
Following the resignation of Mr. Remi Babalola as the non-executive director of First Bank Holdings Plc and chairman of the company, the Central Bank of Nigeria (CBN) has approved the appointment of Alhaji Ahmad Abdullahi.
Recall that in April 2021, the CBN Governor, Godwin Emefiele announced Mr. Babalola as Chairman of the bank after sacking the board led by Oba Otudeko.
His resignation, however, comes exactly two days after the company confirmed significant investment by billionaire businessman, Femi Otedola.
Otedola acquired an additional 2.5 percent in FBN Holdings Plc, becoming the single largest shareholder in the company.
Based on this, the equity stake of Otedola is now 7.57 percent of the issued shares capital of FBNH.
Alhaji Ahmad Abdullahi will be the third chairman of First Bank Holding Plc this year.
His appointment as Chairman and non-executive Director of First Bank Holding Plc was revealed by Osita Nwanisobi, the CBN’s Director of Corporate Communications.
Mr. Abdullahi, the next Chairman, is an economist and thoroughbred professional with extensive experience in academics, banking supervision, and financial regulation, having retired as Director of Banking Supervision at the Central Bank of Nigeria in February 2020.
He is also an expert in bank crisis resolution, and also serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC & AMCON.
The CBN congratulated Alhaji Abdullahi on his appointment, even as it described the resignation of Babalola as “regrettable”.
Thanking Mr. Babalola for his service, the CBN spokesman acknowledged the strides recorded by the company under the watch of the outgoing chairman, as he wished him well in his future endeavors.
The CBN spokesman added that the CBN remained committed to ensuring transparent governance practices at the bank and the continued independence of the chairman and other persons holding key governance positions.
The CBN acknowledged that its regulatory interventions had made a positive impact and increased the attractiveness of the company to both local and foreign investors.
