CBN Confirms Abdullahi To Replace Babalola As Chairman, FBN Holdings.
The Central Bank of Nigeria (CBN) has approved the appointment of Ahmad Abdullahi as a non-executive Director and Chairman of First Bank Holding Plc.
The approval follows the recent resignation of the erstwhile Chairman Remi Babalola.
It was learnt that his resignation may not be unconnected with the new status of billionaire businessman, Femi Otedol.
FBN Holdings Plc which is the parent company of First Bank Limited disclosed on Wednesday that Otedola acquired an additional 2.5 percent shares in the company — making him the single largest shareholder in FBN Holdings.
With the additional acquisition, the equity stake of Otedola is now 7.57 percent of the issued shares capital of FBN Holdings.
Abdullahi’s appointment was disclosed on Friday by the CBN Director of Corporate Communications, Osita Nwanisobi.
According to Nwanisobi, the CBN had been duly informed of the resignation of Babalola, as Chairman of the company against the backdrop of a power tussle by some significant shareholders for control of First Bank Holding Plc.
Babalola assumed chairmanship of FBN Board on April 29, 2021, after the CBN sacked the erstwhile board over breach of corporate governance rules.
Despite his early exit from the role, the CBN although regretted his resignation, noted that its intervention in April made positive impact and increased attractiveness of the company to both local and international investors.
The CBN also congratulated Ahmad Abdullahi on his new role, while assuring stakeholders ot its committment to strict compliance to corporate governance rules.
Ahmad Abdullahi is an economist by training and an outstanding professional with several years of experience in the academia, banking supervision and financial regulation, retiring as Director of Banking Supervision, CBN in February 2020. He currently serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC & AMCON.
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