Julius B. Omodayo-Owotuga, the Deputy Chief Executive of Geregu Power Plc, has joined the board of First Bank of Nigeria (FBN) Holdings, as a Non-Executive Director. This development came on the backdrop of his appointment’s approval by the Central Bank of Nigeria (CBN).
Prior to his time at Geregu Power Plc, Omodayo-Owotuga was the Group Executive Director, Finance and Risk Management of Forte Oil Plc (now Ardova Plc), before billionaire Femi Otedola bowed out of the company after divesting its 75% stake to AbdulWasiu O Sowami’s Prudent Energy.
BizWatch Nigeria understands that Geregu Power Plc is an energy firm Otedola joined in 2013 as its Chairman of the Board of Directors. And even though he now boasts of a 7.57% stake in First Bank, the billionaire had claimed that he didn’t invest in money in the financial institution to have a board position in it.
According to Otedola, the hallmark of any good investor is to see opportunities where others do not, and that was why he purchased stakes to become the largest single shareholder of the company.
“I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculations, is not to become chairman of the bank or its holding company (Holdco). Moreover, I am in semi-retirement,” he stated.
However, Omodayo-Owotuga, who served as a chief director in Geregu Power, a company Otedola chairs its board of directors, now holds a board position in FBN Holdings following his latest appointment.
“While at Forte Oil, 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. Prior to joining Forte Oil Plc, he had responsibility for the Asset and Liabilities Management function at the Africa Finance Corporation,” a statement cited by our correspondent, in which Omodayo-Owotuga’s appointment was disclosed, read.
