Days after FBN Holdings confirmed significant investment by Femi Otedola, a Nigerian billionaire, Remi Babalola quit the chairmanship of the company’s board of directors.
Babalola was appointed chairman, April 29, 2021, and has barely spent one year.
Industry sources said the company had informed regulators about the development.
FBN Holdings is the parent company of First Bank of Nigeria Plc.
Last week, Insiders revealed that Otedola acquired an additional 2.5 percent in FBN Holdings Plc, becoming the single largest shareholder in the company.
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.
Despite his shareholding status, Otedola had said the move was purely an investment decision and not to become the chairman or hold any key position in the HoldCo.
Said Otedola: “Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders