Chairman of First Holdco Plc, Femi Otedola, has credited President Bola Tinubu’s economic reforms and the Central Bank of Nigeria’s policy credibility under Governor Yemi Cardoso as the key reasons behind his N320 billion personal investment in First Bank.
Otedola made the remarks at the 13th Annual General Meeting (AGM) of First Holdco Plc, where he 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 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.”
According to him, the current economic environment has given long-term investors a reason to reengage with the Nigerian market.
He revealed that he has already invested over N320 billion of personal funds, entirely in cash and without borrowing a naira, into First Bank, and is prepared to invest more as the group undertakes a new capital raise.
Turnaround vision backed by personal capital
Otedola, who became a shareholder in 2021 after divesting from Forte Oil Plc, noted that his acquisition of a significant stake in First Bank was not a random bet, but a strategic move to revamp an institution with untapped potential.
“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 next capital raise, his personal investment would exceed N320 billion, adding that he is confident the bank will meet its recapitalisation target well before the CBN’s deadline.
Curbing excesses, restoring discipline
Otedola also used the opportunity to reiterate his position as an activist shareholder committed to enforcing strict governance and eliminating operational wastage 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 the era of executive excesses is over, adding that strong corporate governance, responsible lending, and operational discipline will define the bank’s next chapter.
“We will dominate Africa’s banking space”
Reaffirming his long-term vision for the group, Otedola said First Bank is not aiming for mere relevance but continental dominance. He outlined plans to strengthen the bank’s lending capacity, expand digital infrastructure, and scale international operations.
“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.”
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.”
What this means for the market
Otedola’s decision to personally invest N320 billion in First Bank without debt reflects a major vote of confidence in Nigeria’s financial system, especially at a time when regulatory authorities are pushing for higher capital buffers and tighter governance standards.
His endorsement of Tinubu and Cardoso’s reforms is likely to resonate across the banking and investment community, where many investors are cautiously optimistic about Nigeria’s medium-term economic outlook.
“We are back. We are profitable. And we remain on course in our aggressive pursuit to be the foremost financial institution in Africa,” he concluded.
