2 Days After Femi Otedola Became FBN Holdings Single Largest Shareholder, Remi Babalola Resigns As Board Chairman

Two days after FBN Holdings confirmed significant investment by a Nigerian billionaire, Remi Babalola has resigned as chairman of board of directors of the company.

Recall that Babalola was appointed chairman, April 29, 2021, and has barely spent one year.

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According to industry sources, the company had informed regulators about the development.

FBN Holdings is the parent company of First Bank of Nigeria.

Recall that some insider sources disclosed that Femi Otedola, billionaire businessman, acquired an additional 2.5 percent in FBN Holdings Plc, becoming the single largest shareholder in the company.

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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.

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