{"id":122678,"date":"2021-12-18T17:56:47","date_gmt":"2021-12-18T16:56:47","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=122678"},"modified":"2021-12-18T17:56:47","modified_gmt":"2021-12-18T16:56:47","slug":"theres-corruption-in-the-system-says-ex-chairman-of-first-bank-holdings","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/12\/18\/theres-corruption-in-the-system-says-ex-chairman-of-first-bank-holdings\/","title":{"rendered":"&#8216;There&#8217;s corruption in the system&#8217; &#8211; says ex-chairman of First Bank Holdings"},"content":{"rendered":"<p>Former chairman of FBN Holdings, Remi Babalola has disclosed that he resigned from the company because of the &#8220;corruption in the system&#8221;.<\/p>\n<p>Babalola was appointed chairman on April 30, 2021, and had not spent up to a year in office.<\/p>\n<p>FBN Holdings is the parent company of First Bank of Nigeria.<\/p>\n<p>Recall that the Central Bank of Nigeria <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/12\/18\/cbn-approves-appointment-of-ahmad-abdullahi-as-first-bank-holdings-chairman\/\">(CBN)<\/a> approved the appointment of\u00a0Ahmad Abdullahi as non-executive director of First Bank Holding PLC and chairman of the company to replace Babalola.<\/p>\n<p>In his resignation letter seen by TheCable, Babalola said he could no longer bear the \u201crot, stench and corruption in the system\u201d.<\/p>\n<p>\u201cI accepted the appointment as a non-executive director and chairman of the board of FBN Holdings PLC on April 30th 2021 as a national call to service, an opportunity to deploy my endowments to illuminate humanity,\u201d the letter reads.<\/p>\n<p>\u201cSince then, it has been a slug of herd work, sacrifices and battles. Nonetheless, we were able to push through within the last few months to achieve the following corporate governance overhaul : Reinstated confidence in the brand; stalled value eroding, merge propositions; transferred registrars for transparency; introduced openness and due processes in all transactions; unveiled significant investors, as well as pushed for improved performance.<\/p>\n<p>However, with the rot, stench and corruption in the system, it has been well-nigh impossible for me to break; and upon deep reflection and partial to my personal values, I write to formally resign my appointment as a non-executive director and chairman of the board of directors of FBN Holidays PLC, effective immediately.<\/p>\n<p>\u201cThis should allow ample time for the institutions shareholders to plan a smooth transaction through the next Annual General Meeting.<\/p>\n<p>\u201cI thank you for the opportunity to serve the bank and to contribute to the sustainability of the financial service sector of the Nigerian economy.\u201d<\/p>\n<p>The exit of Babalola from the company comes a few days after it was confirmed that Femi Otedola made a significant investment in FBN Holdings with the acquisition of additional 2.5 percent stake, raising his entire stake in the company to 7.57 percent.<\/p>\n<p>Despite his shareholding status, Otedola said the move was purely an <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/12\/04\/buhari-woos-investors-says-nigeria-is-africas-most-attractive-investment-destination\/\">investment<\/a> decision\u00a0and not to become the chairman or hold any key position in the company.<\/p>\n<p>\u201cBeing the single largest shareholder doesn\u2019t mean I must necessarily hold a position in the bank. I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders,\u201d he had said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former chairman of FBN Holdings, Remi Babalola has disclosed that he resigned from the company because of the &#8220;corruption in the system&#8221;. Babalola was appointed chairman on April 30, 2021, and had not spent up to a year in office. FBN Holdings is the parent company of First Bank of Nigeria. Recall that the Central [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":122378,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[25405,658,22438,25349],"class_list":["post-122678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ahmad-abdullahi","tag-cbn","tag-first-bank-holdings","tag-remi-babalola"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>&#039;There&#039;s corruption in the system&#039; - says ex-chairman of First Bank Holdings<\/title>\n<meta name=\"description\" content=\"Former chairman of FBN Holdings, Remi Babalola has disclosed that he resigned from the company because of the &quot;corruption in the system&quot;.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2021\/12\/18\/theres-corruption-in-the-system-says-ex-chairman-of-first-bank-holdings\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"&#039;There&#039;s corruption in the system&#039; - says ex-chairman of First Bank Holdings\" \/>\n<meta property=\"og:description\" content=\"Former chairman of FBN Holdings, Remi Babalola has disclosed that he resigned from the company because of the &quot;corruption in the system&quot;. 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