CBN Approves Ahmad Abdullahi Appointment as Chairman of FBN Holdings

The Central Bank of Nigeria (CBN) has approved the appointment of Ahmad Abdullahi as chairman of the board of directors of financial services group FBN Holdings Plc, after receiving the resignation notice of Remi Babalola.

Babalola resigned from his position at FBN Holding on Friday. He took over from Oba Otudeko, the Honeywell Group's owner, after the CBN intervened in the group's leadership squabble.

Meanwhile, following the acquisition of majority shareholders from Honeywell Group by Flour Mills of Nigeria, FBN has taken steps to comply with a demand to divest its position in Honeywell Flour.

As of Friday, the group valuation printed at about N433 billion, driven by demand for shares which opened the year at less than N7.50, on 35.895 billion outstanding shares in issue.

Babalola left the institution in view of the ‘contest by some significant shareholders for control of First Bank Holding Plc,’ said Osita Nwanisobi, the regulator’s spokesperson, in a statement.

Sources told MarketForces Africa that the battle for supremacy in the financial services company frustrated the ex-chairman effort at the time global rating agency are making upgrades to the group grades due to improved governance.

Geregu Power Plc Chairman, Femi Otedola, as it stands, is the largest single shareholder in FBN Holdings after Pension Commission hinted that no single individual can lay claim or represent pension company investment holdings.

Also, Otedola has continued to acquire more shares in the financial services boutique, with a recent stake acquisition of some 200,000 shares. Due to rising demand for the bank’s share, its price has expanded strongly, now N12.50.

Until last February the director and head of CBN’s Banking Supervision unit, Abdullahi has varied experience in bank crisis resolution, financial regulation as well as academia aside from being an economist.

Abdullahi coordinated retail banking services at three of the apex bank’s branches after he joined the CBN as a manager, becoming director of the Other Financial Institutions Supervision department in 2014.

He holds a Bachelor of Science degree in Agricultural Economics from the Ahmadu Bello University Zaria and was previously an academic at Usman Dan Fodiyo University, Sokoto.

Currently, Abdullahi is a board member of Asset Management Company of Nigeria, Africa Finance Corporation, FMDQ Group, Nigerian Deposit Insurance Corporation and African Finance Corporation.

Nwanisobi stated that CBN’s regulatory interventions at FirstBank particularly are generating positive change particularly in areas like corporate governance, openness and building stakeholders’ confidence.