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Otedola Attributes ₦320 Billion Investment in First Bank to Tinubu, Cardoso’s Economic Reforms
Femi Otedola, Chairman of First Holdco Plc, has attributed his substantial ₦320 billion personal investment in First Bank to the Federal Government’s economic reforms and the Central Bank of Nigeria’s (CBN) policy measures. Speaking at the 13th Annual General Meeting (AGM) of First Holdco Plc on Thursday, Otedola commended President Bola Ahmed Tinubu for his decisive and visionary leadership in implementing critical economic reforms.....KINDLY READ THE FULL STORY HERE▶
“This journey closely aligns with the bold leadership of President Bola Ahmed Tinubu, who deserves recognition for championing the necessary yet difficult reforms within our economy,” Otedola remarked.
He also praised CBN Governor Olayemi Cardoso for his “courageous and pragmatic” policy changes that are gradually restoring credibility to Nigeria’s financial system and instilling investor confidence.
“I commend Governor Yemi Cardoso for his reforms, which are restoring credibility to the financial sector and giving investors like me the confidence to commit long-term capital to Nigeria,” Otedola said.
This follows the successful completion of First Bank’s first phase of a ₦150 billion rights issue in March, which exceeded the target with a total subscription of ₦187.6 billion, surpassing expectations by over 25%. First Holdco has also announced plans for a second capital-raising phase, targeting ₦350 billion through private placement.
During the AGM, Otedola revealed that his journey to reposition First Bank began in 2021 with a significant stake acquisition, after his retirement from corporate life following the sale of Forte Oil Plc in 2019.
“The drive to rebuild and reposition First Bank became even more intentional with the acquisition of additional shares and assuming a leadership role to consolidate these objectives,” he explained.
Otedola reiterated that his investment strategy was not a gamble but a calculated move aimed at transforming First Bank into a modern, well-governed, and highly profitable institution. By the time the next phase of capital raising is completed, Otedola will have personally invested over ₦320 billion, all in cash, without taking out loans.
“I am confident that we will successfully raise the required capital ahead of the Central Bank’s deadline,” Otedola concluded.
He also acknowledged the tireless work of First Bank’s board and management, whose commitment has been vital in realizing the vision of a revamped institution. Otedola expressed gratitude to the bank’s loyal customers, who have supported First Bank for over 130 years.
As an activist shareholder, Otedola emphasized his mandate to eliminate inefficiencies and safeguard depositor funds, all while delivering solid returns to shareholders and contributing to society.
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