CBN endorses appointment of Abdullahi as new FBN Holdings chairman

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.