The Central Bank of Nigeria (CBN) has given its assent to the appointment of Ahmad Abdullahi to chair the directors’ board of financial services group FBN Holdings Plc after receiving the resignation notice of Remi Babalola, who gave up the post on Friday.

Mr 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.

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

Mr Abdullahi coordinated retail banking services at three of the apex bank’s branches after he joined the CBN as a manager, becoming director of 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, Mr Abdullahi is a board member of Asset Management Company of Nigeria, Africa Finance Corporation, FMDQ Group, Nigerian Deposit Insurance Corporation and African Finance Corporation.

Mr 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.

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.


Source: https://nairametrics.com/

This is to update the earlier thread
https://www.nairaland.com/business

Mecka
FreeStuffsNG
DLSReigns

The Jews have suffered

That must have been the motive all along. The North must handle key positions for the organisations to have peace.

DFOmobolla:
The Central Bank of Nigeria (CBN) has given its assent to the appointment of Ahmad Abdullahi to chair the directors’ board of financial services group FBN Holdings Plc after receiving the resignation notice of Remi Babalola, who gave up the post on Friday.

Mr 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.

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

Mr Abdullahi coordinated retail banking services at three of the apex bank’s branches after he joined the CBN as a manager, becoming director of 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, Mr Abdullahi is a board member of Asset Management Company of Nigeria, Africa Finance Corporation, FMDQ Group, Nigerian Deposit Insurance Corporation and African Finance Corporation.

Mr 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.

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.


Source: https://nairametrics.com/

This is to update the earlier thread
https://www.nairaland.com/business

Mecka
FreeStuffsNG
DLSReigns

Dear DFOmobolla, thank you for the update. I really appreciate this news.Good morning ma.

Really, good development

I see