Billionaire businessman Femi Otedola has commended President Bola Tinubu and Central Bank of Nigeria Governor Yemi Cardoso for what he described as bold and necessary economic reforms.
In a statement dated January 2, the chairman of First HoldCo Plc said he rarely comments publicly on policy issues despite spending more than three decades investing and building businesses in Nigeria.
“As someone who has spent over three decades investing, building businesses, and navigating Nigeria’s economic cycles, I rarely comment publicly on policy. But there are moments when leadership must be acknowledged,” Mr Otedola wrote.
He said President Tinubu had shown courage and clarity in steering the country through difficult reforms, adding that the administration’s policies were now gaining global recognition.
“I have seen many administrations, but his conviction at this critical time deserves commendation,” he said.
Otedola also praised Mr Cardoso’s leadership at the apex bank, pointing to the slowdown in inflation as evidence of a disciplined return to orthodox monetary policy.
“This is not theory; these are real results, visible in the gradual easing of pressure on households and businesses,” he said.
He noted that reforms in the foreign exchange market had restored confidence, with the naira strengthening based on market forces rather than artificial measures.
He also cited Nigeria’s external reserves, which he said had risen to a seven year high above 46 billion dollars.
The businessman said the decision to recapitalise the banking sector was necessary, despite early criticism and argued that stronger capital bases would enable banks to support real sector lending and economic growth.
He added that he believed the minimum capital requirement for international banking licences should be raised from 500 billion naira to at least 1 trillion naira.
“A modern economy aiming for the 1 trillion dollar mark cannot rely on weakly capitalised banks,” he said.
Otedola disclosed that FirstBank, the commercial banking arm of First HoldCo Plc, had met the 500 billion naira minimum capital requirement set by the CBN for an international banking licence, adding that shareholders were committed to injecting additional capital into subsidiaries and new business areas.
“I say this without hesitation: Yemi Cardoso is the best Central Bank Governor Nigeria has ever produced,” he stated.
He urged the CBN governor to continue on his current path, saying Nigeria was turning a corner and that supporters of the country would continue to back the ongoing monetary reforms.
