FBN Holdings chairman, Remi Babalola resigns his position

FBN Holdings chairman, Remi Babalola resigns his position

The chairman of FBN Holdings Remi Babalola has resigned his position barely a year after his appointment was ratified by the Central Bank of Nigeria a

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The chairman of FBN Holdings Remi Babalola has resigned his position barely a year after his appointment was ratified by the Central Bank of Nigeria and exactly two days after the company confirmed significant investment by billionaire businessman, Femi Otedola.

Babalola was appointed chairman, April 29, 2021.

Last week, Otedola acquired anadditional 2.5 percent in FBN Holdings Plc, becoming the single largest shareholder in the company.

Based on this, the equity stake of Otedola is now 7.57 percent of the issued shares capital of FBNH.

In a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday, FBN Holdings confirmed the deals.

Despite his new status, Otedola had said the move was purely an investment decision and not to become the chairman or hold any key position in the HoldCo or First Bank respectively.

“Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders,” he had said.