CBN Approves Abdullahi To Succeed Babalola As FBNH Chairman

What the CBN is saying

The CBN congratulated Alhaji Abdullahi on his appointment, even as it described the resignation of Babalola as “regrettable”.

Thanking Mr Babalola for his service, CBN spokesman acknowledged the strides recorded by the company under the watch of the outgoing chairman, as he wished him well in his future endeavours.

The CBN spokesman added that the CBN remained committed to ensuring transparent governance practices at the bank and the continued independence of the chairman and other persons holding key governance positions.

The CBN acknowledged that its regulatory interventions had made positive impact and increased attractiveness of the company to both local and foreign investors.

What you should know

• It would be recalled that given the importance of First Bank to Nigeria’s banking sector, the CBN in April 2021 took a decisive regulatory step to restructure the management of the bank.
• The process led to the dissolution of the boards of both the First Bank Ltd and FBN Holdco Plc and the appointment of a new board which included the appointment of Mr Babalola as Chairman of First Bank Holding Plc.

The new Chairman, Alhaji Ahmad Abdullahi is an economist and thorough-bred professional with long years of experience in academia, banking supervision and financial regulation, retiring as Director of Banking Supervision, CBN in February 2020.

He is also an expert in bank crisis resolution, and also serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC & AMCON.