TheCable

Remi Babalola has resigned as chairman, board of directors of FBN Holdings, two days after the company confirmed significant investment by Femi Otedola, a Nigerian billionaire.

Babalola was appointed chairman, April 29, 2021, and has barely spent one year.

Industry sources said the company had informed regulators about the development.

FBN Holdings is the parent company of First Bank of Nigeria.

Last week, Insiders told TheCable that Otedola acquired an additional 2.5 percent in FBN Holdings Plc — becoming the single largest shareholder in the company.

Based on this, the equity stake of Otedola is now 7.57 percent of the issued shares capital of FBNH.

In a corporate filing on the Nigerian Exchange Limited (NGX) on Wednesday, FBN Holdings confirmed the deals.

Despite his shareholding status, Otedola had said the move was purely an investment decision and not to become the chairman or hold any key position in the HoldCo.

“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,” he had said.