The Chairman of First Holdco Plc, Femi Otedola, has attributed his N320 billion personal investment in First Bank to President Bola Tinubu’s economic reforms and the policy credibility of the Central Bank of Nigeria under Governor Yemi Cardoso.
Speaking at the 13th Annual General Meeting of First Holdco Plc, Otedola reaffirmed his dedication to transforming First Bank into a leading force in Africa’s financial sector.
“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 said.
“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.”
Otedola stated that the current economic climate has motivated long-term investors to return to the Nigerian market.
He disclosed that he has personally invested over N320 billion in First Bank, all in cash and without taking any loans, and is willing to increase his investment as the group prepares for a new capital raise.
Otedola, who became a shareholder in 2021 after exiting Forte Oil Plc, emphasized that his purchase of a major stake in First Bank was a strategic decision aimed at revitalizing an institution with untapped potential, rather than a mere gamble.
“This was not a gamble; it was a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution,” he explained.
He stated that by the end of the upcoming capital raise, his personal investment would surpass N320 billion, expressing confidence that the bank will meet its recapitalisation target ahead of the CBN’s deadline.
Otedola also reaffirmed his role as an activist shareholder, dedicated to enforcing strict governance and cutting operational waste within the bank.
“As an activist shareholder, my mandate is clear: curb excesses and wastages—no splurging on private jets, unchecked executive luxuries, etc. Protect depositors’ funds, deliver strong returns to shareholders, and contribute meaningfully to the society and environment we serve and operate in,” he said.
He said the era of executive excesses is over, adding that strong corporate governance, responsible lending, and operational discipline will define the bank’s next chapter.
Otedola reaffirmed his long-term vision for the group, stating that First Bank is focused on achieving not just relevance but leadership across the continent. He highlighted plans to increase the bank’s lending power, develop its digital infrastructure, and grow its international presence.
“Let me say it again: First Bank will not just compete—it will dominate. Within the next four years, we will be one of Africa’s top banks, not just by asset size, but by value creation, governance standards, and strategic impact,” he said.
Otedola added that he is investing in First Holdco with conviction and a clear turnaround plan, much like he did with Geregu Power Plc, which now contributes 10% of Nigeria’s electricity output, “I have done this before. I know what it means to fail, rise up, and win… First Bank is no different. It’s a turnaround with a purpose, and we are well on our way.”
