The Central Bank of Nigeria (CBN) has accepted  the appointment of Alhaji Ahmad Abdullahi as non-executive Director of First Bank Holding Plc (FBN HoldCo) and Chairman of the company to replace Mr. Remi Balalola.

The CBN’s Director, Corporate Communications, Osita Nwanisobi disclosed this on Friday, December 17, 2021, that the Bank had been duly notified of the resignation of Mr. Babalola, as Chairman of the company against the backdrop of contest by some significant shareholders for control of First Bank Holding Plc.

While congratulating Alhaji Abdullahi on his appointment, the Central Bank of Nigeria described Babalola’s resignation as the Chairman of the company as regrettable, especially given the fact that CBN’s regulatory interventions had made positive impact and increased attractiveness of the company to both local and foreign investors.

The Central Bank of Nigeria acknowledged the measured achievements recorded by the company under Mr. Babalola’s watch, and thanked him for his service, even as the Central Bank of Nigeria wished him well in his future endeavours.CBN

According to Nwanisobi, the regulatory measures taken by the Central Bank of Nigeria were yielding the expected results in terms of overhaul of corporate governance practices, restoration of confidence in the bank’s brand, increased transparency and due process in transactions as well as improved financial performance.

In line with its statutory mandate, the Central Bank of Nigeria spokesman said the bank remained committed to ensuring transparent governance practices at the bank and the continued independence of the chairman and other persons holding key governance positions.

It will be recalled that given the systemic importance of First Bank owing to its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, the CBN in April 2021 took decisive regulatory action to address corporate governance infractions at the bank leading to the removal of the board of First Bank Ltd and FBN Holdco Plc and appointment of a new board.

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