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Otedola Attributes ₦320 Billion Investment in First Bank to Tinubu, Cardoso’s Economic Reforms

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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.

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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.

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“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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Kwara PDP Protests As Govt Moves To Reopen Robbery Case Against Saraki, Others.

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The Peoples Democratic Party (PDP) in Kwara State has strongly opposed reported moves by the state government to revisit the alleged Offa robbery case involving former Governor Abubakar Bukola Saraki and others.....KINDLY READ THE FULL STORY HERE▶

reports that the party made its position known during an emergency press conference in Ilorin on Friday, describing the development as politically motivated and unjust.

PDP spokesman, Comrade Olushola Adewara, said the alleged plan to reopen the case amounts to an attempt to politicise a matter that has already been concluded by the courts.

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He alleged that the move was targeted at dragging Saraki into a case in which, according to him, legal authorities had previously found no evidence linking him to the incident.

Adewara referenced earlier legal opinions from the Office of the Attorney General of the Federation, which reportedly stated that Saraki was not connected to the robbery case.

The party insisted that suspects in the case had already been prosecuted and convicted, with judgments upheld at appellate levels, while the matter is currently before the Supreme Court.

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PDP urged Governor Abdulrahman Abdulrazaq to focus on governance rather than what it described as attempts to revive old political narratives.

It also called on security agencies to monitor the situation closely, warning that such actions could heighten political tension in the state.

The party further appealed to residents, especially families of victims in Offa, not to allow their pain to be used for political purposes.

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2027: Oyo APC Senator Alli Declares Governorship Ambition.

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Senator representing Oyo South, Sharafadeen Alli, has declared his intention to contest the Oyo State governorship election ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Alli, who serves under the All Progressives Congress (APC), made the declaration on Friday during a formal event held at the Police Field in Yemetu, Ibadan North Local Government Area.

The APC chieftain and Ekaarun Balogun of Ibadanland said he will be running on the platform of his party.

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The event attracted thousands of APC leaders, stakeholders, and members, including top political figures such as Senator Yunus Akintunde, House of Representatives members Akin Alabi, Aderemi Oseni, Akeem Adeyemi, Olafisoye Akinmoyede, Tajudeen Abisodun, and Senator Hamzat Adeseun.

Also in attendance were former Deputy Governor Iyiola Oladokun, Asiwaju Yemi Aderibigbe, and Alhaji Fatai Ibikunle, among others.

Alli said his decision followed wide consultations with stakeholders and was driven by his desire to advance the development of Oyo State.

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He noted his past political experience, including serving as Chairman of Ibadan North Local Government and Secretary to the Oyo State Government under Senator Rasidi Ladoja, as well as his current role in the Senate, where he said he has consistently advocated for his constituents.

According to him, his ambition is focused on delivering better governance and moving the state forward.

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Showunmi Declares For Ogun 2027 Governorship, Seeks IPAC Support.

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A PDP chieftain and convener of The Alternative, Otunba Segun Showunmi, has declared his intention to contest the 2027 Ogun State governorship election.....KINDLY READ THE FULL STORY HERE▶

reports that Showunmi made the announcement during a courtesy visit to the Inter-Party Advisory Council (IPAC) secretariat in Abeokuta on Friday.

He called for a broad political coalition involving opposition parties and grassroots groups to challenge what he described as the failures of dominant political forces in the state.

Showunmi argued that political parties may choose or endorse candidates, but insisted such arrangements must not deny voters a genuine electoral choice.

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He said: “I will be running for governor in the 2027 governorship election. I have come to plead with you to set up a small committee… to determine how we can collaborate to make this happen.”

He also questioned whether Ogun State would experience a “coronation” or a competitive election process, urging stakeholders to allow open political contest.

The PDP chieftain noted that Ogun West’s long-standing exclusion from producing a governor is a legitimate grievance, but stressed that aspirations must still be tested through competition.

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He advocated issue-based campaigns ahead of 2027, rejecting “money politics” and challenging aspirants to public debates on governance.

Showunmi maintained that he has no history of violence or political thuggery, insisting the election should be centred on ideas and development plans for the state.

In response, IPAC leadership and other political actors at the event called for collaboration and careful selection of leaders ahead of the 2027 elections.

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