Remi Babalola resigns as First Bank Chairman after Otedola increased shares

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.

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.

Emefiele announced Mr. Babalola as Chairman of the Bank after sacking the board led by Oba Otudeko following a controversial board politics.

Experienced manager?

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.

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