Femi Otedola, Chairman of FBN Holdings Plc (First HoldCo), has attributed his growing confidence in Nigeria’s financial sector and his over ₦320 billion investment in the group to the economic reforms introduced by the Federal Government and policy shifts by the Central Bank of Nigeria (CBN).
Speaking during the 13th Annual General Meeting of First HoldCo Plc on Thursday, Otedola highlighted the transformative impact of recent government initiatives, noting they laid the groundwork for long-term investor confidence.
He praised President Bola Tinubu’s administration for taking bold, necessary steps to stabilise the economy.
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According to him, the President’s leadership has provided direction for structural economic changes which align with First HoldCo’s growth trajectory.
“President Tinubu has demonstrated the political will to push through difficult but essential reforms. This resonates with the path we’ve taken at First HoldCo,” Otedola stated.
He further commended CBN Governor Olayemi Cardoso for implementing what he described as “sound and courageous” monetary policies, crediting these efforts with helping to restore investor confidence and stability within the financial sector.
“These policies are reshaping Nigeria’s financial landscape. They’ve created the environment needed for serious investors to commit significant long-term capital without hesitation,” he added.
Otedola’s remarks follow the successful completion of First HoldCo’s initial ₦150 billion rights issue earlier in March, which closed with ₦187.6 billion in subscriptions—over 25 percent more than its target.
The company has also announced a second capital raising phase via private placement, targeting an additional ₦350 billion, though a date for this phase has yet to be confirmed.
Reflecting on his personal journey with the bank, Otedola said the decision to acquire a major stake in 2021 came after exiting the downstream oil sector.
He had earlier sold Forte Oil Plc in 2019 following a strategic repositioning.
“My decision to invest in First Bank was deliberate and long-term. I saw the potential to rebuild the institution into one governed by transparency, professionalism, and profitability,” he explained.
“This wasn’t speculative. I had a vision—and we’re just getting started. With the next capital raise, my investment will exceed ₦320 billion, all funded personally and without taking on any debt,” he added.
Otedola also acknowledged the leadership and commitment of the bank’s board and executive management, stating that their alignment with his vision has been key to the company’s renewed focus.
He paid tribute to the bank’s loyal customer base of over 40 million, attributing First Bank’s enduring legacy—spanning over 130 years—to their unwavering support.
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“As a shareholder deeply invested in the organisation’s future, I’m committed to financial discipline, safeguarding depositors’ interests, and ensuring sustainable returns to stakeholders. That includes eliminating unnecessary luxuries such as private jets or extravagant executive perks,” he said.
Looking ahead, Otedola expressed confidence in the institution’s ability to meet the CBN’s recapitalisation deadline, saying: “I’m optimistic we will surpass the capital requirements ahead of schedule—that, I can guarantee.”
