FastNews reports that Remi Babalola, who was appointed chairman of FBN Holdings Plc by the Central Bank of Nigeria in April following the abrupt departure of his predecessor, Oba Otudeko, has stepped down from the position.
Sources familiar with the case told PREMIUM TIMES that no official announcement has yet been made, including from the Nigerian Exchange Limited.
Mr. Babalola’s departure comes as a new largest shareholder in the Holdco, billionaire mogul Femi Otedola, who was once Nigeria’s Minister of State for Finance.
Mr. Otedola has stated that he has no interest in serving on the boards of the group or its subsidiaries, but it is likely that he will appoint someone to Holdco’s board.
Mr. Babalola was formerly an executive director of FBN Holdings’ commercial banking arm, FirstBank of Nigeria Limited, with his broad experience spanning consulting, auditing, training, and banking.
His career began at the consultancy PricewaterhouseCoopers before he moved to the American holding company Arthur Andersen and then Zenith Bank, variously serving as chief strategist, financial controller, and general manager at the lender.
An agricultural economics graduate from the University of Ibadan, he is a fellow of the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Taxation of Nigeria, and the Institute of Directors of Nigeria.