Chairman of First Holdco Plc, Femi Otedola, has credited ongoing economic reforms by President Bola Tinubu and policy changes by the Central Bank of Nigeria (CBN) as the key drivers behind his personal ₦320 billion investment in First Bank.
Speaking at the company’s 13th Annual General Meeting, Otedola said, “This journey aligns closely with the bold and visionary leadership of President Bola Ahmed Tinubu… I also commend the CBN Governor, Mr. Yemi Cardoso, for his courageous and pragmatic reforms.”
He described his investment as a deliberate effort to rebuild First Bank into a modern and profitable institution.
“This was not a gamble. It was a calculated, strategic move,” he said, noting that all funds were injected without borrowing.
Following the oversubscription of the bank’s ₦150 billion rights issue, First Holdco plans a second capital raise of ₦350 billion. Otedola expressed confidence in meeting regulatory deadlines, adding, “I am very positive that we will raise the capital required well ahead of the Central Bank’s deadline.”
As the bank’s largest shareholder, Otedola emphasised responsible stewardship, pledging to curb waste, protect depositors’ funds, and ensure strong returns for shareholders.
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