Deputy CEO of Otedola’s Geregu Power joins FBN Holdings as non-executive director

FBN Holdings Plc Monday announced the appointment of Julius Omodayo Owotuga as a non-executive director.

The financial services group, which is the parent company of Nigeria’s oldest lender, FirstBank, said the appointment already has the Central Bank of Nigeria’s approval.

Mr Owotuga is a seasoned executive with experience in risk management, finance, internal controls and general administration through years of working in the oil and gas industry and the financial sector.

Currently the deputy chief executive of Geregu Power Plc, he will be representing the interest of Femi Otedola, chair of the power generation firm, who last year became the biggest individual shareholder of the holdco.

FBN made the disclosure in a statement on the Nigerian Exchange Limited website, signed by the Company Secretary, Seye Kosoko and seen by PREMIUM TIMES.

As a boardroom man, Mr Owotuga has been an indispensable strategist at the heart of Mr Otedola’s investment empire right from the days of Forte Oil before Abdulwasiu Sowami bought out the energy company in 2019 in a deal worth N64.9 billion and transformed it to Ardova.

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“While at Forte Oil, he was a member of the executive management team that restructured a then moribund company into a vibrant Industry player,” the document said.

“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.”

During his time at KPMG, he acquired working knowledge in power, financial services as well as oil and gas.

He has also attended several executive management and banking specific developmental programmes at leading educational institutions including Oxford University’s Said Business School, United Kingdom, IE Business School, Madrid, Spain and the University of Lagos, Lagos, Nigeria.

He is a CFA CharterHolder, 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.