BREAKING: Otedola Invests N320bn in First Bank, Cites Tinubu and Cardoso’s Reforms as Key Drivers
Billionaire investor and Chairman of First Holdco Plc, Femi Otedola, has announced a landmark N320 billion personal investment in First Bank, crediting the economic and monetary reforms spearheaded by President Bola Tinubu and Central Bank Governor Yemi Cardoso. Speaking at the company’s 13th Annual General Meeting, Otedola applauded the leadership’s tough but necessary reforms, which he said have restored investor confidence in Nigeria’s financial system. He emphasized that these actions created the right environment for long-term investments.
Otedola revealed that the entire investment was funded from his personal resources, with no bank loans involved. He stated that this strategic move to acquire a significant stake in First Bank was not a gamble but part of a broader plan to transform the institution into a dominant force in Africa’s banking sector. He added that he is prepared to inject even more capital as First Bank pursues its recapitalization efforts, and expressed confidence that the bank will meet its capital requirements well ahead of regulatory deadlines.
Positioning himself as an activist investor, Otedola highlighted his commitment to governance reforms, cost discipline, and shareholder value creation. He pledged to eliminate excesses, such as extravagant executive spending, and instead channel resources into strengthening operations and ensuring the protection of depositors’ funds. He emphasized a vision of responsible corporate stewardship aligned with sustainable practices and social impact.
Looking ahead, Otedola outlined an ambitious plan to elevate First Bank to a leadership position across Africa’s financial landscape. This includes enhancing the bank’s digital infrastructure, increasing lending capacity, and expanding international operations. He cited his successful turnaround of Geregu Power Plc as proof of his capability to revamp legacy institutions and create value at scale.
In conclusion, Otedola’s unprecedented investment sends a strong signal of confidence in Nigeria’s economic direction and banking sector reforms. His public endorsement of Tinubu and Cardoso is likely to influence investor sentiment and stimulate renewed interest in Nigeria’s capital markets. Reaffirming his belief in First Bank’s potential, Otedola declared, “We are back. We are profitable. And we remain on course in our aggressive pursuit to be the foremost financial institution in Africa.”
Source: Nairametric