By
Staff Writer
Otedola’s move is being viewed as a powerful signal of private-sector confidence in Nigeria’s evolving economic framework
Otedola Invests N320bn in First Bank, Commends Tinubu, Cardoso’s Reforms
LAGOS — Femi Otedola, Chairman of First Bank Holding Company (First Holdco Plc), has revealed that his personal investment of over N320 billion in First Bank was driven by renewed confidence in Nigeria’s economic direction, citing reforms under President Bola Ahmed Tinubu and Central Bank Governor Yemi Cardoso as key enablers.
Speaking at the 13th Annual General Meeting (AGM) of First Holdco Plc, Otedola emphasized that the current macroeconomic and regulatory landscape has rekindled optimism for long-term investments in the Nigerian 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, 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 disclosed that his N320 billion stake—entirely self-funded without recourse to debt—signals a long-term commitment to transforming First Bank into a pan-African leader in the financial industry. He affirmed readiness to invest even more as the group embarks on a fresh capital raise, adding that the bank is well-positioned to meet its recapitalization targets ahead of the Central Bank of Nigeria’s deadline.
Otedola, who first entered the bank’s shareholding structure in 2021 after divesting from Forte Oil Plc, clarified that his investment is strategic rather than speculative.
“This was not a gamble,” he stated. “It was a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution.”
Describing himself as an activist shareholder, Otedola pledged to enforce stronger corporate governance standards and eliminate financial inefficiencies, including executive excesses.
“No more private jets or unchecked luxuries. My focus is on protecting depositors’ funds, delivering shareholder value, and ensuring First Bank plays a meaningful role in society.”
He outlined a bold vision for the bank’s future, targeting continental dominance through expanded digital infrastructure, enhanced lending capabilities, and international growth.
“We’re not here just to compete—we’re here to dominate. Within four years, First Bank will rank among Africa’s top financial institutions, not just by asset size, but by governance, innovation, and value creation.”
Drawing parallels with his successful turnaround of Geregu Power Plc, which now supplies 10% of Nigeria’s electricity, Otedola expressed confidence in repeating that success with First Bank.
“I’ve done this before. I know what it means to fail, rise up, and win. First Bank is no different—this is a turnaround with purpose, and we are well on our way.”
Otedola’s move is being viewed as a powerful signal of private-sector confidence in Nigeria’s evolving economic framework. His endorsement of the Tinubu administration’s reform agenda and the Central Bank’s policy direction may encourage further institutional investments, particularly in a sector undergoing recapitalization and governance overhaul.
“We are back. We are profitable. And we remain on course in our aggressive pursuit to be the foremost financial institution in Africa,” he said.
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