First Bank of Nigeria Limited, a subsidiary of First HoldCo Plc, has appointed Julius B. Omodayo-Owotuga as Executive Director effective May 13. The appointment strengthens the bank's leadership in finance, governance, risk management, and institutional transformation. Omodayo-Owotuga has 24 years of experience in banking, financial services, infrastructure finance, power, oil & gas, and audit and consulting. He previously served on the board of First HoldCo Plc as a Non-Executive Director from 2021 to 2026.
Before this role, he was Deputy Chief Executive at Geregu Power Plc, Nigeria's first listed power generation company, where he contributed to governance reforms, capital market positioning, operational improvements, and the company's listing on the NGX. He served as Group Executive Director, Finance & Risk Management at Forte Oil Plc, now Ardova Plc, leading financial restructuring, capital raising, treasury optimisation, and risk management initiatives. His career includes positions at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services, and MBC International Bank, now First Bank Nigeria Limited.
Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Taxation of Nigeria, and the Institute of Credit Administration. He is a member of the Institute of Directors Nigeria and a Certified Management Accountant. He holds a Doctorate in Business Administration, an MBA, and a Bachelor's degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
Omodayo-Owotuga moves from overseeing First HoldCo Plc's board as a Non-Executive Director to an executive role at its subsidiary, raising questions about separation between oversight and operational functions. His leadership at Geregu Power Plc coincided with its NGX listing, a move that exposed retail investors to a volatile power sector asset. Nigerians who bought shares in that listing now face the reality of having a key figure from that process placed in a top role at one of the country's most systemic banks. The appointment places a man central to recent corporate transitions in a position to shape one of Nigeria's oldest financial institutions.
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