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Remi Babalola resigns as Chairman of FBNHoldings

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Remi Babalola

Remi Babalola, has reportedly resigned from his position chairman of FBN Holdings, the holding company of First Bank of Nigeria Limited.

His resignation comes days after news broke that Femi Otedola is now the majority shareholder of the bank, having acquired 7.5% of its shares.

Though the resignation is yet to be officially announced, insider sources have confirmed the development.

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CBN Governor Godwin Emefiele had in April, 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.

He 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.

His resignation may not be unconnected with Otedola’s acquisition of majority stake, though the billionaire businessman had said he does not want to be on the board of the bank in his personal capacity even after investing N48 billion in the bank

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