Business mogul and Chairman of FirstHoldCo Plc, Mr. Femi Otedola, has credited the economic reforms of President Bola Ahmed Tinubu and Central Bank Governor Dr. Olayemi Cardoso with restoring investor confidence in Nigeria’s financial sector.
Speaking at the 13th Annual General Meeting of FirstHoldCo in Lagos, Otedola praised the Tinubu administration’s “bold and visionary” approach and Cardoso’s “courageous and pragmatic” monetary policies, describing both as instrumental in boosting long-term investment commitments.
“I am a firm believer that we are on the right path to repositioning Nigeria’s oldest and most iconic bank as the number one financial institution in Africa,” Otedola stated.
Otedola revealed he has invested over N320 billion in FirstHoldCo — the holding company of First Bank of Nigeria Limited — since divesting from Forte Oil in 2019. He added that he is prepared to inject even more capital during the institution’s upcoming round of fundraising.
Admitting the bank has faced challenges in the past, including non-performing loans and governance concerns, Otedola said the group remains resilient and has significant untapped potential.
He emphasized that his investment in FirstHoldCo was not a gamble, but a “calculated, strategic move” to turn it into a modern, profitable, and ethically governed institution. “We are back, we are profitable, and we remain on course in our aggressive pursuit to being the foremost financial institution in Africa,” he declared.
Otedola also said that under his leadership, FirstHoldCo will emphasize responsible lending, risk discipline, and corporate accountability, including eliminating executive excesses.
“My vision is simple but bold,” he said. “We will build a group that is trusted, tested, respected, and unmatched in service delivery, innovation, governance, and profitability.”
Within the next four years, Otedola plans for FirstHoldCo to rank among Africa’s top banks — not only by asset size, but by its contribution to value creation and economic impact. He outlined goals that include expanding digital infrastructure, increasing lending, and accelerating international expansion.
Reflecting on his past success with Geregu Power Plc, which now contributes 10% of Nigeria’s electricity consumption, Otedola said, “Saving First Bank is no different. I invest in value, I invest with conviction, and I stay the course.”
Otedola praised the board, management, and 40 million-plus customers of First Bank for their unwavering support. He assured shareholders that the bank’s upcoming capital raise would meet the Central Bank’s requirements ahead of schedule — without incurring any debt.
He concluded by reiterating his commitment to restoring FirstHoldCo’s legacy: “FirstBank will not just compete — it will dominate.”
