BUSINESSCBN Okays Ahmad Abdullahi As FBN HoldCo Chairman











Nigeria reports that the Central Bank of Nigeria (CBN) has approved the appointment of Alhaji Ahmad Abdullahi as non-executive Director of First Bank Holding Plc and Chairman of the company to replace Mr. Remi Balalola. 


 


The CBN’s Director, Corporate Communications, Osita Nwanisobi disclosed late on Friday, December 17th, 2011 that the Bank had been duly notified of the resignation of Mr. Babalola, as Chairman of the company against the backdrop of contest by some significant shareholders for control of First Bank Holding Plc.


While congratulating Alhaji Abdullahi on his appointment, the CBN described Babalola’s resignation as the Chairman of the company as regrettable, especially given the fact that CBN’s regulatory interventions had made positive impact and increased attractiveness of the company to both local and foreign investors.


Lovetvnews Nigeria learnt that Nwanisobi said that notwithstanding the recent development, the CBN acknowledged the measured achievements recorded by the company under Mr. Babalola’s watch, and thanked him for his service, even as the CBN wished him well in his future endeavours.


According to Nwanisobi, the regulatory measures taken by the CBN were yielding the expected results in terms of overhaul of corporate governance practices, restoration of confidence in the bank’s brand, increased transparency and due process in transactions as well as improved financial performance.


In line with its statutory mandate, the CBN spokesman said 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.


Given the systemic importance of First Bank owing to its historical significance, balance sheet size, large customer base and high level of interconnectedness with other financial service providers, the CBN in April 2021 took decisive regulatory action to address corporate governance infractions at the bank leading to the removal of the board of First Bank Ltd and FBN Holdco Plc and appointment of a new board.


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. An expert in bank crisis resolution, he also serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC and AMCON.

Comments

Post a Comment

Popular posts from this blog

More Than 2,500 Resdent Benefit From Ounje Onigbongbo Food Initiative**

Image
 ** The Executive Chairman of Onigbongbo Local Council Development Area (LCDA), Hon. Oladotun Olakanle, recently organised the "Ounje Onigbogbo Food Initiative," aimed at providing support to the residents of the Onigbogbo LCDA. During his address at the event, Hon. Oladotun Olakanle noted that this was the fifth edition of the initiative. He remarked, "We are doing this to empower our people in these challenging economic times. This situation is not exclusive to Nigeria; it is a global issue. At the grassroots level, we are contributing our efforts to assist both the federal and state governments in ensuring the well-being of our people." Hon. Olakanle also highlighted the growing number of beneficiaries, stating, "This time, we have a much larger turnout than in previous editions. Initially, we had planned for 1,500 people, but now we have approximately 2,500 in attendance. I assure you that every individual present will be attended to."  He further ment
Read more

LASTMA Strengthens Traffic Management Plan Ahead of Ember Months

Image
  The Lagos State Traffic Management Authority (LASTMA) has intensified its preparations for the Ember months, implementing a robust traffic management strategy to ensure smooth vehicular movement and public safety during the upcoming Christmas and New Year celebrations. During a strategic meeting held at LASTMA Headquarters, Special Adviser to the Governor on Transportation, Hon. Sola Giwa, called on LASTMA officers to adopt proactive measures in anticipation of the increased traffic volume and illegal roadside trading typically associated with the festive season. These challenges, he warned, could disrupt the flow of both traffic and pedestrians across Lagos. Hon. Giwa emphasized the need for a coordinated response from LASTMA personnel, stating, "Our foremost priority is ensuring the safety and convenience of all road users in Lagos. LASTMA officers must remain ever watchful and decisive in addressing illegal roadside trading and other activities that could compromise traffic f
Read more

In it's attempt to get justice, convicted businessman, Abiodun Bolarinwa, has approached an appellate court to upturn his conviction.

  Bolarinwa in a five grounds appeal, urged the court to help determine if the lower court accord him fair hearing. The Economic and Financial Crimes Commission, EFCC, following the conviction of Abiodun by Justice Oluwatoyin Taiwo of a Lagos Special Offences Court, sitting took possession of a property on 1A, Joke Ayo Street, Riverside Estate, Alagbado, Lagos. The anti graft agency also take possession of other assets in the property, including a Range Rover Sport Utility Vehicle, SUV, a black BMW car, a black Toyota Land cruiser car, and a white Toyota Hilux and handed the same property over to the victim, Mr. Bamidele Safiriyu Olusegun. Justice Taiwo had on July 8 2022 convicted and sentenced Abiodun to seven years imprisonment and ordered him to forfeit all the proceeds of the crime. Reacting to the taken of possession without due procedure, Mrs  Adetona Funke Adebowale, an octogenarian and mother of Bolarinwa, accused the EFCC, of forcefully taken possession of her family house jo
Read more