Remi Babalola To First Bank Board: There’s Corruption In The System

“However, with the rot, stench and corruption in the system, it has been well-nigh impossible for me to break; and upon deep reflection and partial to my personal values, I write to formally resign my appointment as a non-executive director and chairman of the board of directors of FBN Holidays PLC, effective immediately”

Remi Babalola resigns from FBN Holdings as chairman

The exit of Mr Babalola, a former Minister of State for Finance, is coming at a time a new biggest shareholder has just emerged at the holdco.

Remi Babalola, who in April was appointed chairman of FBN Holdings Plc by the Central Bank of Nigeria, following the abrupt exit of his predecessor Oba Otudeko, has given up the top board role at the financial services group, PREMIUM TIMES learnt.

Although no official announcement has yet been made, including from the Nigerian Exchange Limited, sources informed about the case told PREMIUM TIMES.

The exit of Mr Babalola, who was Nigeria’s Minister of State for Finance once upon a time, is coming at a time a new biggest shareholder has just emerged at the holdco in the person of billionaire mogul Femi Otedola.

Mr Otedola said he has no interest in any board position in both the group and its subsidiaries but it is probable that he will be appointing someone onto the holdco’s board.

Mr Babalola was formerly an executive director of FBN Holdings commercial banking arm FirstBank of Nigeria Limited, with his broad experience spanning consulting, auditing, training and banking.

His career began at the consultancy PricewaterhouseCoopers before he moved to American holding company Arthur Andersen and then Zenith Bank, variously serving as chief strategist, financial controller and general manager at the lender.

An agricultural economics graduate from University of Ibadan, he is a fellow of the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Taxation of Nigeria, and the Institute of Directors of Nigeria.

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