Babalola Resigns As FBN Holdings Chairman After Femi Otedola’s Takeover

The Chairman, board of directors of First Bank of Nigeria Holdings, Remi Babalola, has resigned his appointment, Ezenwoko's Blog reports.

This online news platform reports that this is coming days after billionaire businessman Femi Otedola acquired more shares to become First Bank major share holder.

The resignation of Babalola, who was appointed Chairman in April 29, 2021, has come as a surprise to many in the banking and financial industry.

It was gathered that FBN Holdings have already informed regulators about the latest development.

Ezenwoko's Blog reports that FBN Holdings is the parent company of First Bank of Nigeria (FBN).

Recall that Otedola had acquired an additional 2.5 percent in the company, making him the single largest shareholder in the financial organisation.

It was gathered that Otedola's stake has now risen over that of Tunde Hassan-Odukale, another shareholder.

Meanwhile, speaking with reporters in Lagos, Otedola had said being the single largest shareholder in the company doesn't mean he must necessarily hold a position in the bank.

He said: “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.

“That is an institution with a world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation.”

Otedola said he bought more shares in the company because he was convinced that FBN Holdings has a bright future.