BREAKING: FBN Holdings Chairman Resigns

FBN Holdings Chairman Resigns.

Onyxnewng reports that Remi Babalola who was appointed chairman of FBN Holdings Plc in April by the Central Bank of Nigeria has resigned.

He was appointed following the abrupt exit of his predecessor Oba Otudeko, who left the top board role at the financial services group.

Although no official announcement has yet been made, including from the Nigerian Exchange Limited, sources informed about the case told PREMIUM TIMES.

BREAKING: FBN Holdings Chairman Resigns

The resignation of Mr Babalola, who was Nigeria’s Minister of State for Finance is coming at a time a new biggest shareholder has just emerged at the holdco in the person of billionaire mogul Femi Otedola.

Otedola said he has no interest in any board position in both the group and its subsidiaries but it is probable that he will be appointing someone onto the holdco’s board.

Mr Babalola was formerly an executive director of FBN Holdings commercial banking arm FirstBank of Nigeria Limited, with his broad experience spanning consulting, auditing, training and banking.

His career started at the consultancy PricewaterhouseCoopers before he moved to American holding company Arthur Andersen and then Zenith Bank, variously serving as chief strategist, financial controller and general manager at the lender.

He is an agricultural economics graduate from University of Ibadan, he is a fellow of the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Taxation of Nigeria, and the Institute of Directors of Nigeria