Atlas Mara co-founder has announced his resignation from the board of Africa Business group leaving Bob Diamond as the sole founder on the board of the African financial services group.

In a tweet sent early on Tuesday, Mr Thakkar said he was stepping down from the board but remains committed to the business. “Im leaving the Board of ‪#AtlasMara. I remain Co-Founder, involved & extremely passionate & committed to our vision ‪#ReshapingAfricanBanking

Thakkar’s departure follows a restructuring of the bank’s shareholding that will see Fairfax Africa, a Canada-based investment fund, appoint four new directors. The Canadian business acquired a 42.37 per cent stake last month in the business last month.

Other departures from the Africa Business Group board are expected to accommodate new members to the board. Tonye Cole, chair of the nomination committee, is also expected to step down to make room for Fairfax’s new board members; Michael Wilkerson, Richard Boucher, Quinn McLean and Hisham Ezz Al-Arab among others. The investment will be used to fund the acquisition of an indirect shareholding in Union Bank of Nigeria from the Clermont Group for $55m.