Mr Remi Babalola, the immediate past Chairman of the First Bank of Nigeria Holdings Plc (FBNH) has revealed why he resigned his appointment from the bank.
In a copy of the letter reportedly signed by Babalola, the former chairman hinged his resignation decision on the alleged corruption in the financial company.
The New Diplomat had reported that Babalola announced his decision to step down from the position of the Chairman of the FBNH just few months after he was appointed as the chairman.
In his resignation letter, Babalola was said to have bemoaned the rot, stench and corruption in the FBNH.
The former chairman, however remained tight-lipped on the details of the alleged corruption.
“I 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.
“Since 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.
“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.
“This should allow ample time for the institutions shareholders to plan a smooth transaction through the next Annual General Meeting.
“I thank you for the opportunity to serve the bank and to contribute to the sustainability of the financial service sector of the Nigerian economy,” Babalola was quoted to have said in the letter.
Recall that the FBN has been in the eye of the storm in the past couple of months.
Early 2021, the Central Bank of Nigeria (CBN) had sacked Oba Otudeko as the Chairman of the FBNH.
The CBN then said its decision to wield the big stick on First Bank and its holding company, FBN Holdings Plc, was in the interests of the bank’s minority shareholders and depositors. The apex bank also cited poor corporate governance and insider dealings as the reason for its decision.
