Billionaire investor and entrepreneur, Femi Otedola, has attributed his massive investment in First Bank to recent economic and financial reforms spearheaded by President Bola Ahmed Tinubu and CBN Governor Yemi Cardoso.
Speaking at the 13th Annual General Meeting of FBN Holdings Plc, Otedola, now Chairman of First Holdco Plc, disclosed that his over N320 billion investment was entirely self-funded, marking a long-term strategy to position First Bank as a dominant force in African banking.
“This was not a gamble; it was a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution,” Otedola said.
He credited Tinubu’s “bold and visionary leadership” and Cardoso’s “pragmatic reforms” for restoring investor confidence in Nigeria’s economy and banking sector.
“His [Cardoso’s] actions are restoring credibility to the financial system and giving investors like me the confidence to commit long-term capital to this country,” Otedola noted.
Otedola began investing in First Bank in 2021 after exiting Forte Oil Plc, with a clear agenda: restructure governance, enhance digital infrastructure, and scale regionally. His goal is nothing short of transforming First Bank into one of Africa’s top-tier institutions in value, reach, and impact.
“Let me say it again: First Bank will not just compete, it will dominate,” he declared. “Within four years, we will be among Africa’s top banks.”
He also used the platform to outline his zero-tolerance policy toward inefficiencies and corporate excesses, signaling a shift in culture under his leadership.
“No splurging on private jets, unchecked executive luxuries. My mandate is clear: curb excesses, protect depositors’ funds, deliver returns, and serve our society.”
Otedola’s renewed confidence in Nigeria’s financial system comes amid broader regulatory pushes for recapitalization and stronger governance in the sector. He affirmed that First Bank is well on track to meet the CBN’s recapitalization target well ahead of schedule.
Drawing from his past success with Geregu Power Plc, now responsible for 10% of Nigeria’s power output, Otedola emphasized that this turnaround is purposeful and achievable.
“I have done this before. I know what it means to fail, rise up, and win. First Bank is no different.”
