Chairman of First Holdco Plc, Femi Otedola has opened up about the key factors behind his ₦320 billion personal investment in First Bank, crediting it to the Federal Government’s economic reforms and the Central Bank of Nigeria’s policy measures.
Speaking at the 13th Annual General Meeting of First Holdco Plc on Thursday, Otedola commended President Bola Ahmed Tinubu for his bold and visionary leadership in implementing tough but necessary economic reforms.
Otedola also lauded CBN Governor Olayemi Cardoso for his “courageous and pragmatic” policy reforms, which he said are restoring credibility to the financial system and inspiring investor confidence.
The business tycoon further reaffirmed his commitment to repositioning Nigeria’s oldest bank into a dominant player across Africa’s financial landscape.
“This journey aligns closely with the bold and visionary leadership of President Bola Ahmed Tinubu, who deserves credit for championing the tough but necessary reforms in our economy,” Otedola remarked.
“I also commend the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, for his courageous and pragmatic policy reforms.
“His actions are restoring credibility to the financial system and giving investors like me the confidence to commit long-term capital to this country,” he added.
This follows the conclusion of the bank’s first phase of a ₦150 billion rights issue in March, which attracted subscriptions totalling ₦187.6 billion—exceeding the target by over 25 percent.
First Holdco has announced plans for a second capital raising phase, aiming to raise approximately ₦350 billion through private placement.
Speaking further at the AGM, Otedola revealed that his vision to reposition First Bank began with acquiring a “significant” stake in 2021, following his retirement from corporate life after selling Forte Oil Plc in 2019.
He said, “The intentional drive to rebuild and reposition First Bank was strengthened by acquiring additional shares and assuming a leadership role to consolidate these objectives.
“This was not a gamble; it was a calculated, strategic move to transform First Bank into a modern, well-governed, and highly profitable institution. And this journey does not end here.
“By the time we conclude the next phase of capital raising, I will have personally invested over ₦320 billion — all in cash, without borrowing a single naira.”
Otedola reiterated that Cardoso’s reforms have restored confidence in the financial sector, encouraging investors to commit long-term capital to Nigeria.
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According to him, the current economic environment has given long-term investors a reason to reengage with the Nigerian market.
He also acknowledged the dedication of the bank’s board and management, whose commitment has been instrumental in realising this vision.
“We have remained relevant and impactful for over 130 years thanks to the unwavering loyalty of our more than 40 million customers, whom I especially appreciate.
“As an activist shareholder, my mandate is clear: eliminate excesses and wastage—no splurging on private jets or unchecked executive luxuries—protect depositors’ funds, deliver strong returns to shareholders, and make meaningful contributions to society and the environment,” he noted.
Otedola further expressed optimism about the upcoming capital raise, saying, “I am confident we will raise the required capital well ahead of the Central Bank’s deadline… that, I can assure you.”
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