TheCable

The management of First Bank Holdings Plc has appointed Julius B. Omodayo-Owotuga, deputy chief executive of Geregu Power Plc, as a non-executive director.

FBN Holdings is the parent company of First Bank of Nigeria (FBN).

In December 2021, Femi Otedola, billionaire businessman, became the single largest shareholder after acquiring 7.57 percent of the issued shares capital of FBNH. With the move, TheCable had reported that Otedola will nominate more directors, having nominated two before — one into FBN and the other into the HoldCo.

Seye Kosoko, FBN Holdings’ company secretary, said this in a statement posted on the Nigeria Exchange Limited (NGX) on Tuesday.

Kosoko said the Central Bank of Nigeria (CBN) had approved Omodayo-Owotuga’s appointment.

“Omodayo-Owotuga is the deputy chief executive of Geregu Power Plc previously Group Executive Director Finance & Risk Management of Forte Oil Plc (now Ardova Plc) has joined FBN Holdings Board as a Non-Executive Director,” the statement reads.

“JB is a finance expert with huge experience in Finance, Risk Management, Treasury, Internal Controls, General Administration, Procurement, and Information Technology. While at Forte, he was a member of the Executive Management Team that restructured a then moribund company into a vibrant industry player.

“He equally led the capital restructuring, acquisitions, debt capital raise, maiden credit rating and divestment initiatives. Before joining Forte Oil Plc, he had responsibility for the Asset and Liabilities Management function at the Africa Finance Corporation.

“He is a KPMG trained finance professional who possesses extensive investment experience spanning Financial Services, Power and Oil & Gas sectors with a proven track record of significant achievements. His two decades of work experience spans blue-chip companies such as KPMG; Standard Chartered Bank; Africa Finance Corporation (AFC); Forte Oil Plc, MBC International Bank (Now First Bank of Nigeria Limited), and Geregu Power Plc.

“JB is an alumnus of Oxford University’s Said Business School, United Kingdom, IE Business School, Madrid, Spain and the University of Lagos, Lagos, Nigeria. He has a B.Sc. in Accounting and a Masters in Business Administration (with distinction). He is a CFA Charter Holder; a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN) and the Institute of Credit Administration.”

Last year, the CBN approved the appointment of Ahmad Abdullahi as a non-executive director and chairman of the Holdco after Remi Babalola’s exit.