CBN approves Abdullahi’s appointment as FBNH chairman to succeed Babalola

Alhaji Ahmad Abdullahi has been appointed Chairman of First Bank Holding Plc by the Central Bank of Nigeria.

First Bank

This is in response to the resignation of Remi Babalola, the former Chairman of this company.

On Friday evening, the CBN approved Alhaji Abdullahi. Its Director of Corporate Communications Mr. Osita Nawanisobi made it known that they had received notification of Mr. Babalola’s resignation as Chairman. This was in spite of some contests by significant shareholders to control First Bank Holding Plc.

What is the CBN saying

While congratulating Alhaji Abdullahi for his appointment, the CBN described Babalola’s resignation as “regrettable”.

CBN spokeswoman, CBN, thanked Mr. Babalola and expressed gratitude for his services. He also acknowledged the progress made by the company during the tenure of the former chairman and wished him success in his future endeavors.

A spokesperson for the CBN stated that transparency in governance at the bank was a priority and that the bank would continue to protect the independence of the chairman, and all other key positions.

CBN acknowledged that their regulatory interventions had made the company more attractive to foreign and local investors.

What You Need to Know

  • You will recall that First Bank is a key player in Nigeria’s banking system. Therefore, the CBN took an important regulatory step to restructure First Bank’s management in April 2021.
  • This led to the dissolutions of FBN Holdco Plc’s boards and the creation of a new board, which included Mr. Babalola being appointed Chairman of First Bank Holding Plc.

Alhaji Ahmad Abdullahi, the new Chairman, is an economist and skilled professional with many years of experience in banking supervision, financial regulation and academia. He retired as Director of Banking Supervision at CBN in February 2020.

He is an expert on bank crisis resolution and serves on the boards for the Africa Finance Corporation, FMDQ, NDIC & AMCON.

Get latest news from African Startup ecosystem

Latest stories

You might also like...