Nigeria: Otedola Nominates Three Directors For First Bank Board

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Billionaire Femi Otedola has made new nomination into First Bank barely two months after he became the single largest shareholder of the oldest commercial  bank in the country. The magazine  learnt that the businessman had earlier nominated two directors into the boards of the bank to promote his interests.

Otedola acquired over seven percent of the bank’s shares last year making him the biggest equity holder, which gave him the power to nominate candidates to the boards of First Bank Ltd and First Bank Holdings, FBN Holdings, the lender’s parent company.

On Tuesday, the management of the Nnamdi Okonkwo-led  First Bank Holdings Plc disclosed that it has appointed Julius B. Omodayo-Owotuga as a non-executive director. Until his new appointment, Owotuga was the deputy chief executive of Geregu Power Plc, a company largely promoted by the Otedola.

Otedola who invested over $1 billion in the power firm in 2019, had last year, disclosed that he had no plan to become the chairman of the financial behemoth contrary to suggestions in the industry.
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 Holdco. Moreover, I am in semi-retirement,” the businessman said.

Tunde Hassan- Odukale is the curent chairman of FBN Holdings Plc.

In a statement posted on the Nigeria Exchange Limited, NGX on Tuesday, Seye Kosoko, FBN Holdings Secretary said the appointment  of Owotuga has been approved by the Central Bank of Nigeria, CBN.

Kosoko said “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 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.”

– Parrot

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