- 2021 is a year to remember for shareholders of First Bank Nigeria's oldest financial institution and now seems it will all end well
- Following the resignation of Remi Babalola as chairman of First Bank, the CBN has approved the appointment of Alhaji Ahmad Abdullahi as the new chairman
- This follows the decision from Femi Otedola the single largest shareholder not to hold any position in the bank
First Bank Holding company of Nigeria the parent company of First Bank of Nigeria will be getting its third chairman this year and this time it is Alhaji Ahmad Abdullahi.
His appointment as Chairman and non-executive Director of First Bank Holding Plc was revealed by Osita Nwanisobi, the CBN's Director of Corporate Communications, on Friday, December 17, 2021.
Abdullahi appointment follows the announcement Remi Babalola, the company's former Chairman has resigned a position that was hitherto held by Oba Otudeko, the promoter of Honeywell Flours.
In a statement, Nwanisobi said that the apex bank had been formally notified of Babalola's departure as Chairman of the FBHN.
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He congratulated Alhaji Abdullahi on his appointment, while also calling Babalola's resignation "regrettable."
The CBN spokesman further praised the company's achievements under Babalola's leadership, and wished him luck in his future endeavors.
Who is the new chairman
Alhaji Ahmad Abdullahi, the next Chairman, is an economist and thoroughbred professional with extensive experience in academics, banking supervision, and financial regulation, having retired as Director of Banking Supervision at the Central Bank of Nigeria in February 2020.
He is also an expert in bank crisis resolution, and also serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC & AMCON.
Back story on First Bank
It all started in April, when the Central bank of Nigeria sacked the board of the bank and its holding company.
CBN had claimed that the bank is plagued by “bad credit decisions, significant and non-performing insider loans and poor corporate governance practices.
Few months after this it was again the news for the battle of two billionaires Femi Otedola and Oye Hassan-Odukale on who becomes the single largest shareholder of the bank.
Abdullahi, the new man at the helm of affairs CBN will be hoping will provide a clear leadership direction.
Investors lose N2.6 Billion in 24 Hours
In a related story, Legit.ng had earlier reported how Femi Otedola and other investors lost N2.6 billion in 24 hours amid tussle over the leadership of First Bank Holdings.
Femi Otedola and Tunde Hassan-Odukale has been at loggerheads for the control of the bank with Femi Otedola.
As the leadership tussle rumbles on, the shares of FBN Holdings dropped in value from N12.4 per share it closed to N11.65 per share.