Otedola Hails Tinubu, Cardoso for Inspiring N320bn Investment in First Bank

By Charles Maduka

Business mogul and Chairman of First Holdco Plc, Femi Otedola, has credited his decision to invest over ₦320 billion in First Bank to the economic reforms of President Bola Ahmed Tinubu and the policy direction of the Central Bank of Nigeria under Governor Yemi Cardoso.

Speaking at the 13th Annual General Meeting of First Holdco Plc, Otedola praised President Tinubu for his decisive leadership and reform-oriented agenda, describing the efforts as bold and necessary for national economic stability.

He also commended the CBN Governor for introducing practical measures that are restoring investor confidence and rebuilding trust in the financial system. According to him, these actions have made it possible for investors like himself to commit long-term capital to Nigeria’s economy.

The billionaire investor disclosed that his involvement with First Bank began in 2021, following his retirement from corporate life after selling Forte Oil. He explained that the investment was a calculated and strategic effort aimed at transforming the bank into a modern and profitable institution.

Otedola’s remarks come shortly after the completion of the bank’s ₦150 billion rights issue in March, which attracted ₦187.6 billion in subscriptions, surpassing its target. A second capital-raising phase is now in view, with plans to secure an additional ₦350 billion through private placement.

Otedola emphasized that his entire investment of over ₦320 billion has been in cash and without any borrowing, highlighting his long-term commitment to the bank’s growth and governance.

He also stressed the importance of discipline and efficiency in corporate leadership, vowing to eliminate excesses and protect shareholders’ interests. He pledged to focus on responsible governance, safeguard depositors’ funds, and ensure the bank continues to make a positive impact in society.

The business leader expressed confidence that the bank will meet its capital targets ahead of regulatory deadlines and reaffirmed his optimism about the future of Nigeria’s financial sector under the current economic leadership.