Billionaire businessman and Chairman of First Holdco Plc, Femi Otedola, has revealed that his decision to invest over ₦320 billion of personal funds into First Bank was driven by renewed investor confidence in Nigeria, spurred by economic and financial reforms under President Bola Tinubu and CBN Governor Yemi Cardoso.
Speaking at the 13th Annual General Meeting of First Holdco Plc, Otedola praised Tinubu’s bold economic overhaul and Cardoso’s regulatory direction, describing them as critical to his decision to commit long-term capital into the country’s oldest bank.
“President Tinubu’s reform agenda and Governor Cardoso’s pragmatic policies have restored investor confidence,” said Otedola. “Their leadership gives people like me the courage to reinvest in Nigeria’s future.”
Otedola, who first acquired shares in First Bank in 2021 after exiting Forte Oil Plc, emphasized that his investment—made entirely in cash and without any borrowing—is part of a long-term strategy to transform First Bank into a leading pan-African financial institution.
A Strategic Bet on Transformation
He clarified that his stake in the bank is not a speculative move but a calculated plan to modernize and strengthen the institution.
“This is not a gamble. It’s a deliberate turnaround plan for an institution with immense potential,” he noted.
With a new capital raise underway, Otedola indicated his total investment would exceed ₦320 billion. He expressed confidence that the bank would meet the Central Bank’s recapitalization requirements ahead of schedule.
Pushing for Discipline and Good Governance
Otedola reaffirmed his stance as an activist shareholder, committed to enforcing strong corporate governance, eliminating operational excesses, and protecting depositors’ interests.
“No more reckless spending or executive extravagance,” he said. “We are focused on discipline, accountability, and delivering value.”
He pledged that First Bank would operate with transparency, responsible lending, and efficient management practices, setting a new benchmark for the Nigerian banking sector.
A Vision for African Leadership
Looking ahead, Otedola said the bank’s ambition is not limited to national relevance but to achieve continental dominance. Plans include scaling up digital banking, boosting lending capacity, and expanding international operations.
“First Bank will not only compete—it will lead across Africa,” he declared. “Our goal is to be among the continent’s top financial institutions in the next four years.”
Drawing parallels to his success with Geregu Power Plc, which now provides 10% of Nigeria’s electricity, Otedola said his investment in First Bank follows the same blueprint of strategic turnaround and impact-driven growth.
Market Implications
His decision to inject substantial personal capital without relying on debt is seen as a major vote of confidence in Nigeria’s financial system, especially as the CBN pushes for stronger capital bases and enhanced governance.
Otedola’s leadership could mark a turning point for First Bank and potentially reshape Nigeria’s banking landscape as it navigates a new era of reform and growth.
