Wednesday, January 19

Remi Babalola resigns as FBNH Chairman

Remi Babalola, has resigned from his position as the current chairman of FBN Holdings, owners of First Bank. This is according to a reliable source who informed Nairametrics.

The resignation is yet to be confirmed by the bank or the Nigerian Stock Exchange.

Recall in April 2021, the CBN Governor Godwin Emefiele 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, Remi 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.

The resignation is not unconnected with the news that Femi Otedola is now the majority shareholder of one of Nigeria’s oldest and respected bank. Last week, Nairametrics reported Mr. Otedola’s shareholding is now 7.5% the largest reported in public.

Mr. Otedola also confirmed he does not want to be on the board of the bank in his personal capacity even after investing N48 billion in the bank.

Nairametrics understands Mr. Babalola sent an email to other directors of the bank explaining the reasons for his abrupt resignation. See below;

“My esteemed Co-Directors of FirstBank, the over 7-months journey since my appointment by the CBN to the Board of the Holdings Company has been a mix of hard work, sacrifices, battles and consensus building, all aimed at returning the institution to the path of stability and sustainable growth.”

“Though the assigned mandate has been daunting, we have within the short period successfully reinstated confidence in the institution, overhauled its corporate governance and introduced openness and due process in all transactions.”

“However, after deep reflection on recent developments relative to my personal values, I resigned my appointment as a Non-Executive Director and the Chairman of the Board of Directors of FBN Holdings with immediate effect.”

“I thank you for your unflinching support, co-operation and valuable contributions during my short leadership.”

“I wish you the very best as you soldier on.”

We also understand the Mr. Babalola send a strongly worded letter to the Governor of the Central Bank detailing his reservations amidst the handling of the ownership of the bank.