FBN Holdings Plc has notified the Nigerian Exchange Ltd (NGX) and the investing public of the resignation of its chairman and non-executive director, Remi Babalola.
Company secretary Seye Kosoko announced this in a statement posted on the NGX website, saying Mr Babalola’s resignation took effect on December 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.
Babalola was appointed chairman by the CBN on April 30, 2021, following the removal of former chairman, Oba Otudeko.
Babalola’s exit from FBN Holdings comes after it was confirmed that businessman Femi Otedola made a significant investment in the company with the acquisition of additional 2.5 percent stake, raising his entire stake in the company to 7.57 per cent.
Abdullahi, meanwhile, 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 at CBN in February 2020.
He serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC and AMCON.
