Prominent investor with over three decades of experience across multiple economic cycles, Femi Otedola, has described Yemi Cardoso as the best Central Bank Governor Nigeria has produced, praising his leadership style and commitment to doing what is right for the economy.
He said, “I say this without hesitation: Yemi Cardoso is the best Central Bank Governor Nigeria has ever produced. His calmness, discipline, and unwavering focus on doing what is right, not what is easy, reminds me of the kind of leadership any serious economy needs.”
In an exclusive interview with BusinessDay published on Friday, the investor said he rarely comments publicly on government policy but believes there are moments when leadership deserves open acknowledgement.
“As someone who has spent over three decades investing, building businesses, and navigating Nigeria’s economic cycles, I rarely comment publicly on policy. But there are moments when leadership must be acknowledged.”
He said President Bola Ahmed Tinubu has demonstrated uncommon courage and clarity in steering the country through what he described as difficult but necessary reforms, noting that the president’s actions have laid the groundwork for policies now attracting global recognition.
“President Bola Ahmed Tinubu has shown remarkable courage and clarity in steering our country through difficult but necessary reforms. His bold sense of direction, guided by a deep understanding of our economy, has created the foundation for policies that are now being recognised across the world. I have seen many administrations, but his conviction at this critical time deserves commendation.”
Otedola also praised the Governor of the Central Bank of Nigeria, Yemi Cardoso, describing his leadership as exceptional and crediting him with the recent slowdown in inflation through a disciplined return to orthodox monetary policy.
“In that same spirit of boldness, Yemi Cardoso, Central Bank Governor, has been nothing short of exceptional. The slowdown in the rate of inflation is proof of his disciplined return to orthodox monetary policy. This is not theory; these are real results, visible in the gradual easing of pressure on households and businesses. I appreciate this because I know, from experience, how damaging policy inconsistency can be.”
He further commended Cardoso’s reforms in the foreign exchange market, saying they have restored long-lost confidence and allowed the naira to strengthen based on market fundamentals rather than artificial interventions.
“His reforms in the foreign exchange market have restored confidence that had long been missing. For the first time in years, the naira is strengthening on the back of market forces, not artificial fixes. To me, this is the most powerful signal that we are finally doing things the right way. The fact that our external reserves have climbed to a seven-year high above $46 billion is further evidence of his steady hand.”
The businessman also expressed support for the recapitalisation of the banking sector, noting that while the policy initially attracted criticism, it has since proven to be a necessary and forward-looking decision.
“I am also impressed by the bold decision to recapitalize the banking sector. Some people criticised it early on, unnecessarily in my view, but today it is clear it was the right move. Following the massive profits banks recorded in 2024, 2025 has rightly become a year of prudence and consolidation. This is the only way banks can support real sector lending and drive genuine economic growth next year.”
Drawing from his long-standing experience in Nigeria’s business environment, he called for an increase in the minimum capital requirement for international banking licences, arguing that stronger banks are essential for a modern economy targeting a one trillion dollar valuation.
“From where I stand, and with the benefit of many years in Nigeria’s business landscape, I believe it is time to raise the minimum capital requirement for international banking licences from ₦500 billion to at least ₦1 trillion. A modern economy aiming for the $1 trillion mark cannot rely on weakly capitalised banks. Stronger banks mean better governance, broader ownership, and institutions that are not run like personal estates, a problem we have lived with for far too long.”
He noted that FirstBank, the commercial banking subsidiary of First HoldCo Plc, has already met the Central Bank of Nigeria’s ₦500 billion minimum capital requirement for an international banking licence, adding that shareholders remain committed to further capital injections.
“FirstBank, the commercial banking arm of First HoldCo Plc, has met the ₦500 billion minimum capital base required by the Central Bank of Nigeria (CBN) for an international banking licence. The shareholders of FirstHoldco are committed to injecting additional capital into its existing subsidiaries and new business adjacencies.”
He concluded by urging continued support for the ongoing monetary reforms, expressing confidence that Nigeria is making progress and turning a critical corner.
“I encourage him (Cardoso) to continue on this path. Nigeria is turning a corner, and those of us who believe in this country will continue to support the bold monetary reforms that are laying a stronger foundation for our future.”
