First Bank Chairman Remi Babalola Resigns After Femi Otedola Became the Largest Shareholder

Remi Babalola, the chairman of FBN Holdings, the parent company of First Bank, has resigned days after Femi Otedola became the bank’s majority shareholder.

Reliable sources privy to the matter said Babalola resigned on Friday, Dec. 17. But his resignation has not been confirmed by either the bank or the Nigerian Stock Exchange.

Otedola became the largest shareholder in the bank after acquiring a 7. 57 stake in FBN Holdings. Although the billionaire said, he is not interested in holding the board chairman position.

“I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculations, is not to become chairman of the bank or its Holdco,” Otedola had said.

Business Elites Africa gathered that Otedola’s acquisition triggered Babalola’s resignation.

In April 2021, Babalola was appointed Chairman of the Bank by the Central Bank of Nigeria Governor, Godwin Emefiele after the apex bank sacked the Oba Otudeko-led board.

ALSO READ: The Toughest Decisions Every Entrepreneur Must Take

Babalola is a former Executive Director at First Bank of Nigeria Limited and a former Minister of State for Finance and Supervising Minister for the Federal Capital Territory.

This story is developing.