Remi Babalola Exits FBN Holdings as Chairman.

Mr Remi Babalola, chairman of FBN Holdings Plc, has exited his position barely nine months after he was appointed.

The Central Bank of Nigeria (CBN) has also approved the appointment of Alhaji Ahmad Abdullahi as non-executive director of First Bank Holding Plc and chairman of the company to replace Balalola.

Babalola, a former minister of State for Finance was appointed by the Central Bank of Nigeria (CBN) on April 29, 2021, to head the board of directors of the organisation.

This followed the removal of Mr Oba Otudeko from the position by the apex bank after a boardroom crisis threatened the financial institution.

Osita Nwanisobi, director, Corporate Communications, CBN, disclosed  that the apex bank had been duly notified of the resignation of Babalola as chairman of the company against the backdrop of contest by some significant shareholders for control of First Bank Holding Plc.

While congratulating Alhaji Abdullahi on his appointment, the CBN described Babalola’s resignation as the chairman of the company as regrettable, especially given the fact that CBN’s regulatory interventions had made positive impact and increased attractiveness of the company to both local and foreign investors.

Notwithstanding the recent development, he said the CBN acknowledged the measured achievements recorded by the company under Babalola’s watch, and thanked him for his service, even as the CBN wished him well in his future endeavours.

Nwanisobi disclosed that the regulatory measures taken by the CBN were yielding the expected results in terms of overhaul of corporate governance practices, restoration of confidence in the bank’s brand, increased transparency and due process in transactions as well as improved financial performance.

The CBN spokesman stated that in line with its statutory mandate, 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.

It will be recalled that given the systemic importance of First Bank owing to its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, the CBN in April 2021 took decisive regulatory action to address corporate governance infractions at the bank leading to the removal of the board of First Bank Ltd and FBN Holdco Plc and appointment of a new board.

Alhaji Ahmad Abdullahi is an economist and thorough-bred professional with long years of experience in the academia, banking supervision and financial regulation, retiring as Director of Banking Supervision, CBN in February 2020.

An expert in bank crisis resolution, he also serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC & AMCON.