First Bank Holdings chairman Remi Babalola resigns
Remi Babalola, the chairman, board of directors of First Bank Holdings, has resigned from the position and the company has informed regulators about the development, according to reports on Saturday.
First Bank Holdings is the parent company of First Bank of Nigeria.
Babalola, a former Minister of State for Finance, was appointed First Bank Holdings chairman on April 29.
His resignation comes just two days after the company confirmed billionaire businessman, Femi Otedola, as the company’s single largest shareholder.
Otedola had earlier explained that his acquisition of the highest shareholding was purely an investment decision and not for him to become its chairman or hold any key position in the company.
“I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders,” he was quoted as saying.
Sources said that the development may culminate in Otedola taking over from Babalola or he may appoint one of his cronies as chairman.
