Remi Babalola was in April this year, appointed chairman of FBN Holdings, only to quit few days after Otedola became the biggest shareholder
A few days after billionaire businessman, Femi Otedola raised his stake in FBN Holdings, the parent company of First Bank to become the largest shareholder, chairman of the board, Remi Babalola, has resigned.
It is not clear why Remi Babalola, who was only appointed in April this year, resigned his position as the chairman of the board
Remi Babalola was appointed as the chairman of the board of FBN Holdings by the Central Bank of Nigeria, following the abrupt exit of his predecessor Oba Otudeko.
According to Premium Times, Remi has given up the top board role at the financial services group even without any official announcement from FBN Holdings.
RELATED
Otedola, now largest First Bank shareholder with 7.5% stake
The newspaper added that the exit of Remi Babalola, who was one time Nigeria’s Minister of State, was coming at a time a new biggest shareholder has just emerged at the company 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.
Remi 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 began 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.
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.