Remi Babalola has resigned as chairman, board of directors
of FBN Holdings, two days after the company confirmed significant investment by
Femi Otedola, a Nigerian billionaire.
Babalola was appointed chairman, April 29, 2021, and has
barely spent one year.
Industry sources said the company had informed regulators
about the development.
FBN Holdings is the parent company of First Bank of Nigeria.
Last week, Otedola acquired an
additional 2.5 percent in FBN Holdings Plc — becoming the single largest
shareholder in the company.
Based on this, the equity stake of Otedola is now 7.57
percent of the issued shares capital of FBNH.
In a corporate filing on the Nigerian Exchange Limited (NGX)
on Wednesday, FBN Holdings confirmed the deals.
Despite his shareholding status, Otedola had said the move
was purely an investment decision and not to become the chairman or hold any
key position in the HoldCo.
“Being the single largest shareholder doesn’t mean I must
necessarily hold a position in the bank. I believe in allowing competent people
to run institutions in a professional manner and to the benefit of all the
stakeholders,” he had said.
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