Chairman of First Holdco Plc, Femi Otedola, says his N320 billion personal investment in First Bank was inspired by the Federal Government’s economic reforms and the Central Bank of Nigeria’s (CBN) new policy direction.
Speaking on Thursday at the company’s 13th Annual General Meeting, Otedola praised President Bola Tinubu for leading crucial reforms, describing them as “tough but necessary.”
“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,” he said.
Otedola also commended CBN Governor Olayemi Cardoso for his “courageous and pragmatic” approach to restoring investor confidence.
“His actions are restoring credibility to the financial system and giving investors like me the confidence to commit long-term capital to this country,” the billionaire added.
The remarks follow the successful conclusion of the bank’s first capital raise—N150 billion in rights issue, which drew N187.6 billion in subscriptions, surpassing the target by over 25 per cent. A second phase is planned, targeting about N350 billion through private placement.
Otedola, who began acquiring a “significant” stake in the bank in 2021 after retiring from corporate life following the sale of Forte Oil in 2019, said his goal has always been to reposition First Bank.
“The intentional drive to rebuild and reposition First Bank was strengthened by acquiring additional shares and assuming a leadership role to consolidate these objectives,” he said.
“This was not a gamble; it was a calculated, strategic move to transform First Bank into a modern, well-governed, and highly profitable institution. And this journey does not end here.”
He revealed that upon completion of the next capital raise, his total personal investment would exceed N320 billion—all in cash and without borrowing.
Otedola further applauded the bank’s board and management, as well as its over 40 million customers, whom he credited for the institution’s 130-year relevance.
“As an activist shareholder, my mandate is clear: eliminate excesses and wastage—no splurging on private jets or unchecked executive luxuries—protect depositors’ funds, deliver strong returns to shareholders, and make meaningful contributions to society and the environment,” he said.
Expressing confidence about the next round of fundraising, Otedola concluded, “I am confident we will raise the required capital well ahead of the Central Bank’s deadline… that, I can assure you.”
