Chairman of First Holdco Plc, Femi Otedola, has hailed the economic reforms of President Bola Ahmed Tinubu and the policy direction of the Central Bank of Nigeria (CBN) as decisive factors behind his bold ₦320 billion personal investment in First Bank.
Speaking at the company’s 13th Annual General Meeting held Thursday, Otedola linked his commitment to what he described as “bold and visionary” leadership at both fiscal and monetary levels.
“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.
He also praised CBN Governor Olayemi Cardoso for restoring investor confidence through decisive action.
“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.”
Personal Capital, No Borrowing
Otedola revealed that his total cash investment in First Bank would surpass ₦320 billion following the completion of the institution’s upcoming capital raise.
“This was not a gamble. It was a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution. And this doesn’t stop here. By the time we conclude the next phase of capital raise, I would have personally invested over ₦320 billion, all in cash, without borrowing a single Naira,” he declared.
The billionaire investor first acquired a significant stake in 2021, after exiting Forte Oil Plc in 2019, where he had undertaken a major turnaround before divesting.
Capital Raise Exceeds Expectations
The remarks come after First Holdco completed the first phase of its capital raise a ₦150 billion rights issue that was oversubscribed by more than 25%, attracting ₦187.6 billion in commitments. A second phase targeting ₦350 billion via private placement is now in view.
“I am very positive that we will raise the capital required well ahead of the Central Bank’s deadline… that, I can assure you,” he added.
Governance and Impact Focus
In his remarks, Otedola emphasized his role as an activist shareholder, pledging to promote strong governance and financial prudence.
“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.”
He also commended the bank’s board and management team for aligning with the transformation agenda and lauded the loyalty of First Bank’s over 40 million customers.
“We have remained relevant and impactful for over 130 years as a result of the unwavering commitment of our customers. I especially appreciate them,” he said.
