CBN approves appointment of Ahmad Abdullahi to succeed Babalola as FBNH Chairman

The Central Bank of Nigeria (CBN) says it has approved the appointment of Alhaji Ahmad Abdullahi as non-executive Director of FBNHolding Plc and Chairman of the company

This follows the recent resignation of Mr Remi Babalola from the position in the wake of Femi Otedola’s acquisition of majority stake.

The apex bank’s approval of Abdullahi was disclosed in a statement, Friday, by its Director of Corporate Communications, Mr Osita Nwanisobi.

Nwanisobi also confirmed that the CBN had been duly notified of the resignation of Mr. Babalola, as Chairman of the company against the backdrop of contest by some significant shareholders for control of First Bank Holding Plc.

The CBN congratulated Abdullahi on his appointment, even as it described the resignation of Babalola as “regrettable”.

The apex bank thanked Mr Babalola for his service, acknowledging the strides recorded by the company under his watch.

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 positive impact and increased attractiveness of the company to both local and foreign investors.

The new Chairman, Abdullahi is an economist with years of experience in academia, banking supervision and financial regulation, retiring as Director of Banking Supervision, CBN in February 2020.