Remi Babalola, who in April was appointed president of FBN Holdings Plc by the Central Bank of Nigeria, following the abrupt departure of his predecessor Oba Otudeko, he has resigned from the top position of the financial services group’s board of directors, PREMIUM TIMES learned.
Although no official announcement has yet been made, including that of Nigerian Exchange Limited, sources informed about the case told PREMIUM TIMES.
The departure of Babalola, once Nigeria’s Minister of State for Finance, comes at a time when a new majority shareholder has just emerged in the Holdco in the person of billionaire mogul Femi Otedola.
Mr. Otedola said he has no interest in any position on the board of directors or the group or its subsidiaries, but it is likely that he will appoint someone to the Holdco board.
Mr. Babalola was previously CEO of FBN Holdings’ commercial banking division, FirstBank of Nigeria Limited, with extensive experience in consulting, auditing, training and banking.
His career began at the consulting firm PricewaterhouseCoopers before moving to the US holding Arthur Andersen and then to Zenith Bank, where he served as the lender’s chief strategist, financial controller and CEO.
Graduated in agricultural economics from the University of Ibadan, he is a member of the Nigerian Institute of Chartered Accountants, the Nigerian Institute of Taxation and the Nigerian Institute of Directors.