By Ayomide Otitoju
Chairman of FBN Holdings Plc, Femi Otedola, has attributed his ₦320 billion personal investment in First Bank to the economic reforms of the Federal Government and policy measures of the Central Bank of Nigeria (CBN), which he says have restored investor confidence in Nigeria’s financial system.
Speaking on Thursday at the 13th Annual General Meeting (AGM) of FBN Holdings Plc, Otedola praised President Bola Ahmed Tinubu for his “bold and visionary leadership,” which he said had laid the foundation for tough but necessary economic reforms.
“This journey aligns closely with the bold and visionary leadership of President Bola Ahmed Tinubu, who deserves credit for championing the tough but necessary reforms in our economy,” Otedola stated.
He also commended CBN Governor Olayemi Cardoso for what he described as “courageous and pragmatic policy reforms,” which he said are helping to restore credibility to the financial system.
“His 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.
The comments come as First Holdco recently concluded the first phase of its ₦150 billion capital raise through a rights issue, which was oversubscribed by over 25 per cent, attracting ₦187.6 billion in total subscriptions. A second phase targeting ₦350 billion through private placement is planned, although a formal date is yet to be announced.
Reflecting on his investment journey, Otedola revealed that his strategic involvement with First Bank began in 2021 following the sale of Forte Oil Plc — formerly African Petroleum — after its successful turnaround in 2019.
“This was not a gamble. It was a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution,” he said. “By the time we conclude the next phase of capital raise, I would have personally invested over ₦320 billion — all in cash, without borrowing a single naira.”
Otedola also acknowledged the efforts of the bank’s leadership, noting the “immense contributions of the board of directors and management” in aligning with his vision for repositioning the institution.
He pledged continued investment as the bank moves into its next capital-raising phase, expressing confidence that the process will be completed well ahead of the Central Bank’s deadline.
“As an activist shareholder, my mandate is clear: curb excesses and wastages — no splurging on private jets, unchecked executive luxuries — protect depositors’ funds, deliver strong returns to shareholders, and contribute meaningfully to the society and environment in which we operate,” he added.
Otedola also extended appreciation to First Bank’s more than 40 million customers, crediting their loyalty as key to the institution’s relevance and impact over the past 130 years.
