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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.
Barcelona winger Lamine Yamal has hailed Inter Miami captain Lionel Messi as the greatest footballer of all time, saying the Argentine’s achievements place him above every other player in the sport’s history.....KINDLY READ THE FULL STORY HERE▶
News reports that Yamal made the comments on Monday, April 20, shortly after being named Best Young Athlete at the 2026 Laureus World Sports Awards in Madrid.
The teenage star expressed deep admiration for Messi while speaking about his own ambitions in football, stressing that the Argentine icon has earned worldwide respect through his remarkable career.
“Leo Messi is the best football player of all time. If he’s not the best athlete of all time, he’s certainly among them. Everyone respects him for what he’s achieved, and I hope I can follow in his footsteps,” Yamal said.
Messi, who is widely regarded as one of football’s greatest legends, has won more than 45 trophies throughout his career, including multiple league titles, continental championships, and the FIFA World Cup with Argentina.
Now 38, the eight-time Ballon d’Or winner is nearing the final stages of his playing career and is expected to take part in what could be his last World Cup this summer.
Meanwhile, Egyptian forward Mohamed Salah has revealed his desire to end his Liverpool career on a positive note after scoring in his final Merseyside derby during a 2-1 victory over Everton at Anfield.
Salah opened the scoring in the intense encounter, registering his ninth goal in the derby and equalling Steven Gerrard as Liverpool’s joint-highest scorer in the fixture.
The forward, who has had a mixed season, once again delivered in a crucial moment as Liverpool continue their push for a top-four finish and Champions League qualification.
Speaking after the match, Salah emphasised the importance of helping the team secure European football as he looks ahead to the end of his Anfield journey.
“I hope I will just keep scoring and help the team to achieve the Champions League this season. Hopefully, I say farewell in the right way,” Salah said.
“It feels great. The most important thing was to help the team settle down and feel more confident. We knew before the game it was going to be tricky, difficult, and I’m glad we were able to win it.”
Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has advised the House of Representatives member of the African Democratic Congress (ADC), Leke Abejide, to remain in his party.....KINDLY READ THE FULL STORY HERE▶
Gbajabiamila made the remark during a birthday celebration organised in honour of Abejide, according to reports.
He noted that the All Progressives Congress (APC) was pleased with the lawmaker’s activities within the ADC, adding that his presence was creating internal tensions in the opposition party.
The Chief of Staff also urged Abejide to disregard calls from APC members, including former Kogi State Governor, Yahaya Bello, who had reportedly encouraged him to defect to the ruling party.
“Don’t come to APC. Stay in ADC and scatter them. We like what you’re doing. Don’t mind former governor Yahaya Bello, who said you should join APC. No, no, no, stay in ADC and win your election. Also, bring Bala Gombe, and we’ll support him. Good luck in court,” he was quoted as saying.
Meanwhile, fresh tension has emerged within the African Democratic Congress as factional leader Nafiu Bala accused former national chairman Ralph Nwosu of misrepresenting the purpose of a recent party event.
Bala, speaking in an interview on AIT on Monday, said he was invited to what he believed was a routine meeting to welcome new members but later discovered it was used to announce a new leadership structure led by David Mark.
He explained that he only realised the full agenda after proceedings had begun, adding that the event also featured Nwosu stepping down while unveiling new party executives.
According to him, the development has deepened existing internal disputes within the party, especially with the appointment of David Mark and others into key leadership positions during the gathering.
Leaders of the All Progressives Congress (APC) in Ogun East Senatorial District have reportedly endorsed Governor Dapo Abiodun as their preferred candidate for the 2027 senatorial election.....KINDLY READ THE FULL STORY HERE▶
According to reports, the decision was taken on Monday during a large political gathering held at Adeola Odutola Hall in Ijebu-Ode, which attracted party stakeholders and grassroots representatives from across the district.
A statement from the governor’s media office indicated that the meeting was widely attended by key APC figures, including members of the Governor’s Advisory Council, former and serving local government chairmen, councillors from all wards, as well as current and former lawmakers at both state and national levels. Women leaders, youth groups, and other stakeholders were also present.
Party leaders at the event expressed confidence in Abiodun’s capacity to represent Ogun East effectively at the National Assembly, describing his leadership record as a key factor in their decision.
They also resolved to formally communicate the endorsement to the governor and begin mobilisation efforts ahead of the 2027 electoral cycle.
The Secretary to the State Government, Tokunbo Talabi, noted that the governor’s performance in office and his role in fostering unity within the party were central to the decision to support his senatorial ambition.
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