Remi Babalola, has resigned from his position as the current chairman of FBN Holdings, owners of First Bank. This is according to a reliable source who informed Nairametrics.
The resignation is yet to be confirmed by the bank or the Nigerian Stock Exchange.
Recall in April 2021, the CBN Governor Godwin Emefiele announced Mr. Babalola as Chairman of the Bank after sacking the board led by Oba Otudeko.
Babalola’s Executive Management experience cuts across Banking, Auditing and Consulting. Before joining the Board of FBNHoldings Plc, Remi was once an Executive Director at First Bank of Nigeria Limited from where he was appointed Minister of State for Finance and Supervising Minister for the Federal Capital Territory.
The resignation is not unconnected with the news that Femi Otedola is now the majority shareholder of one of Nigeria’s oldest and respected bank. Last week, Nairametrics reported Mr. Otedola’s shareholding is now 7.5% the largest reported in public.
Mr. Otedola also confirmed he does not want to be on the board of the bank in his personal capacity even after investing N48 billion in the bank.
This is a developing story…
