First Bank of Nigeria Appoints New Managing Director
First Bank of Nigeria Limited, a subsidiary of First HoldCo Plc, has named Mr. Julius Omodayo Owotuga as its new Managing Director, effective May 13. This announcement was made in a statement released by NGX Group and signed by the Group’s Company Secretary, Mr. Abiola Baluwa.
Transition in Leadership Following Resignation
This appointment follows Mr. Omodayo Owotuga’s resignation from his position as a non-executive director of First HoldCo Plc on May 7. The company emphasized that Mr. Owotuga’s leadership will enhance the bank’s strategic finance, governance, risk management, and organizational transformation efforts.
Bank’s Commitment to Strong Leadership
The statement underlined that Mr. Owotuga’s appointment mirrors the bank’s commitment to robust governance, disciplined execution, financial resilience, and a focus on sustainable long-term growth. Additionally, the Central Bank of Nigeria (CBN) has approved this significant leadership change.
Mr. Owotuga’s Extensive Professional Background
With 24 years of diverse experience in banking and financial services, Mr. Owotuga now steps into a role that will leverage his extensive knowledge across various sectors including infrastructure finance, power, oil and gas, as well as audit and consulting. Prior to this, he was a non-executive director at First HoldCo Plc from 2021 to 2026.
Leadership at Gereg Power
Most recently, Mr. Owotuga served as the Deputy Chief Executive Officer of Gereg Power, Nigeria’s first publicly listed power generation company. In this capacity, he played a pivotal role in driving organizational change, enhancing governance, and optimizing operational performance, including facilitating the company’s historic listing on the NGX.
Notable Positions in Finance and Risk Management
Owotuga has also held the position of Group Executive Director for Finance and Risk Management at Aldoba Corporation (previously Forte Oil Corporation). Here, he led strategic initiatives that transformed the company’s financial performance, capital raising endeavors, and overall governance—focused on maximizing long-term shareholder value.
Academic Qualifications and Professional Affiliations
A CFA Charter Holder and a KPMG-trained accountant, Mr. Owotuga is a Fellow of multiple professional organizations, including the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Accountants and Taxation of Nigeria (CITN). He possesses an impressive academic background, holding a doctorate in business administration, an MBA, and a bachelor’s degree in accounting from esteemed institutions including Oxford University’s Said Business School and the University of Lagos.
