Renowned businessman and Chairman of First HoldCo Plc, Femi Otedola, has revealed plans to increase his personal investment in the financial institution to over ₦320 billion, all in cash and with no loans involved.
He made this known at the company’s 13th Annual General Meeting held in Lagos, where shareholders gathered to hear updates on the bank’s progress and future direction.
In his remarks, Otedola was full of praise for President Bola Tinubu’s economic reforms, which he said have laid the groundwork for long-term private investment.
“The bank’s journey aligns with the bold and visionary leadership of President Bola Tinubu, who deserves credit for championing the tough but necessary reforms in our economy,” he said.
He also applauded Central Bank Governor, Olayemi Cardoso, calling his policies “courageous and pragmatic” — a strong endorsement of the Central Bank of Nigeria’s current direction.
First HoldCo recently concluded the first round of its capital raising programme, raising ₦187.6 billion through a ₦150 billion rights issue that was oversubscribed by 25 per cent. The next phase, a ₦350 billion private placement, is already in motion.
Otedola traced his involvement with the bank back to 2021, shortly after he exited corporate life following the sale of Forte Oil. He said his investment was not a gamble, but a well-thought-out decision aimed at rebuilding First Bank into a global player.
“This was not a gamble, it was a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution. And this doesn’t stop here,” he said.
He added with confidence: “By the time we conclude the next capital raise, I would have personally invested over ₦320 billion, all in cash, without borrowing a single naira. I am very positive that we will raise the required capital well ahead of the Central Bank’s deadline… that, I can assure you.”
Otedola described himself as an “activist shareholder” and laid out his mission clearly: cut out waste, ensure responsible banking, protect depositors’ funds, and deliver value to shareholders.
“No splurging on private jets or unchecked executive luxuries,” he said.
Looking ahead, he projected a bold future for the institution: “First Bank will not just compete, it will dominate. Within the next four years, we will be one of Africa’s top banks — not just by asset size, but by value creation, governance standards, and strategic impact.”
He said First HoldCo will be ramping up its digital infrastructure, expanding lending, and aggressively pushing into new international markets.
Drawing from his experience with Geregu Power Plc, now supplying 10 per cent of Nigeria’s electricity, Otedola said the same transformation is coming to First Bank.
According to him, “I invest in value, I invest with conviction, and I stay the course. First HoldCo Plc is my best bet yet. We are back. We are profitable. The bank will remain on course in its aggressive pursuit of becoming the foremost financial institution in Africa.”
- Benue Under Full-Scale Terrorist Invasion, Not Communal Crisis — Tor Tiv tells Tinubu - June 18, 2025
- Court Grants Ex-CBN Governor Emefiele ₦2bn Bail - June 17, 2025
- Eight Bandits Surrender in Katsina, Free 16 Abductees - June 17, 2025