- Recently appointed Remi Babalola has quit as Chairman of Frist Bank Holdings Limited, parent company of First Bank
- There are speculations that billionaire businessman, Otedola's increased stake in the bank may have played a huge role in Babalola's decision
- Babalola is an experienced financial manager who has served as Minister of State for Finance and Supervising Minister for the Federal Capital Territory
Femi Otedola’s increased shares in First Bank Holding may have contributed to the resignation of Remi Babalola as Chairman.
Babalola quit from his position as the current chairman of FBN Holdings, owners of First Bank on Friday December, 16 2021, a Nairametrics report says.
Mum is the word
The resignation is yet to be confirmed by the bank or the Nigerian Stock Exchange but analysts believe Otedola’s influence is responsible for Babalola throwing in the towel early after he was appointed by CBN governor, Godwin Emefiele in April 2021 .
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Emefiele announced Mr. Babalola as Chairman of the Bank after sacking the board led by Oba Otudeko following a controversial board politics.
Babalola’s experience in management cuts across Banking, Auditing and Consulting.
Before joining the Board of FBNHoldings Plc, he was once an Executive Director at First Bank of Nigeria Limited from where he was appointed Minister of State for Finance and Supervising Minister for the Federal Capital Territory.
Otedola in the mix?
The resignation is not unconnected with the news that Femi Otedola is now the majority shareholder of one of Nigeria’s oldest bank. Last week, it was reported Mr. Otedola’s shareholding is now 7.5% the largest reported in public.
Mr. Otedola also said he does not want to be on the board of the bank in his personal capacity even after investing N48 billion in the bank.
Femi Otedola makes first decision after spending N45bn to become the majority shareholder in First Bank
Otedola now owns FBNH
Legit.ng had reported that Billionaire investor, Femi Otedola, has been reported to have added First Bank Nigeria to his list of assets.
According to a report by Nairametrics, Otedola in the last few months silently bought the shares of the bank for N30 billion, making him the single largest shareholder of the bank and this gives him voting power.
The report also noted that an unidentified insider claimed an announcement will be made in the coming days.