By Dipo Olowookere
After acquiring a significant stake in FBN Holdings Plc, oil mogul, Mr Femi Otedola, now has someone to protect his interest in the financial institution.
A few months ago, FBN Holdings was embroiled in a leadership tussle between Mr Otedola and the current chairman of the company, Mr Tunde Hassan-Odukale.
The Nigerian Exchange (NGX) Limited and other stakeholders had to intervene in the matter and it was clearly made known that Mr Otedola is the largest single shareholder of FBN Holdings, which is sometimes fondly called First Bank.
It was feared that Mr Otedola may topple his rival from the position when shareholders of the company meet at the Annual General Meeting (AGM) later this year.
On Tuesday, Business Post gathered that Mr Otedola’s nominee to the board has been cleared by the Central Bank of Nigeria (CBN) as a non-executive director.
The new member of the FBN Holdings board of directors is Mr Julius B. Omodayo-Owotuga, the deputy chief executive of Geregu Power Plc.
In 2018, Mr Otedola sold his 75 per cent stake in Forte Oil Plc, which later became Ardova Plc, to acquire Geregu Power Plc.
His confidence and trust in Mr Omodayo-Owotuga may have influenced his decision to send him to FBN Holdings to protect his interest in the financial institution.
Mr Omodayo-Owotuga was formerly with Mr Otedola at the defunct Forte Oil as the Group Executive Director in charge of Finance and Risk Management.
He is a finance expert with huge experience in Finance, Risk Management, Treasury, Internal Controls, General Administration, Procurement, and Information Technology.
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.
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.
Mr Omodayo-Owotuga 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.
