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Abdullahi Succeeds Babalola In FBN HoldCo Chairmanship

3 years ago
2 mins read

The Central Bank of Nigeria (CBN) has approved appointment of Alhaji Ahmad Abdullahi as non-executive director of First Bank Holdings Plc and Chairman of the company to replace Mr. Remi Balalola.

The  CBN’s   Director for Corporate Communications,   Osita  Nwanisobi, disclosed   late  on Friday, December 17, 2021, that the Bank had been duly notified of the resignation of Mr. Babalola, as Chairman of the company against the backdrop of contest by some significant shareholders for control of First Bank Holding Plc.

While   congratulating   Alhaji   Abdullahi   on   his   appointment,   the   CBN   described   Babalola’s resignation as the Chairman of the company as regrettable, especially given the fact that CBN’s regulatory interventions had made positive impact and increased attractiveness of the company to both local and foreign investors.

Notwithstanding   the   recent   development,   he   said   the   CBN   acknowledged   the   measured achievements recorded by the company under Mr. Babalola’s watch, and thanked him for his service, even as the CBN wished him well in his future endeavours.

FBN Holdings: Hope For The Tottering Elephant? According to Nwanisobi, the regulatory measures taken by the CBN were yielding the expected results in terms of overhaul of corporate governance practices, restoration of confidence in the bank’s brand, increased transparency and due process in transactions as well as improved financial performance.

In line with its statutory mandate, the CBN spokesman said the CBN remained committed to ensuring transparent governance practices at the bank and the continued independence of the chairman and other persons holding key governance positions.

It   will   be   recalled   that   given   the   systemic   importance   of   First   Bank   owing   to   its   historical significance, balance sheet size, large customer base and high level of interconnectedness with other   financial   service   providers,   the   CBN   in   April   2021   took   decisive   regulatory   action   to address corporate governance infractions at the bank.

This led to the removal of the board of First Bank Ltd and FBN Holdco Plc and appointment of a new board. I Don’t Want To Be Chairman Of FBN Holdings, Otedola Reveals

Alhaji  Ahmad  Abdullahi   is an economist   and  thorough-bred professional   with long   years  of experience in the academia, banking supervision and financial regulation, retiring as Director of Banking Supervision, CBN in February 2020.

An expert in bank crisis resolution, he also serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC & AMCON.



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