December 19, 2021

FBN Holdings Plc has officially notified the Nigerian Exchange Ltd and the investing public of the resignation of Mr Remi Babalola, its Chairman and Non-Executive Director.

This is contained in the statement on investors’ relations signed by the Company Secretary, Mr Seye Kosoko, posted on the NGX website.

The statement was tagged : “Notification of recent changes on the board of FBN Holdings Plc.”

Kosoko said Babalola’s resignation was effective on Dec. 17.

“Following the resignation of Mr Remi Babalola, the Central Bank of Nigeria (CBN) has approved the appointment of Alhaji Ahmad Abdullahi as Non-Executive Director and Chairman of the Company,” he said.

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

He serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC and AMCON.

Babalola was appointed chairman by the CBN on April 30, 2021 due to some developments  that led to the sack of the former Chairman, Oba Otudeko.

Babalola’s exit from FBN Holdings came as a rude shock to industrial experts, few days after it was confirmed that Femi Otedola made a significant investment in FBN Holdings with the acquisition of additional 2.5 percent stake, raising his entire stake in the company to 7.57 per cent. (NAN)