Femi Otedola, Chairman of First HoldCo Plc, has publicly lauded President Bola Ahmed Tinubu and Central Bank of Nigeria (CBN) Governor Olayemi Cardoso for their roles in boosting investor confidence in Nigeria’s economy. Otedola attributed his substantial ₦320 billion investment in First Bank to the positive impact of the administration’s economic reforms and the CBN’s policy credibility.

Bold Reforms Drive Investment

Speaking at the 13th Annual General Meeting (AGM) of First HoldCo Plc, Otedola emphasized that the current business environment, shaped by structural reforms and a more disciplined financial sector, has rekindled investor interest in Nigeria’s long-term prospects. He commended President Tinubu for his “bold and visionary leadership” in implementing necessary economic reforms. He also praised Governor Cardoso for his “courageous and pragmatic” policy moves, which he believes are restoring credibility to the financial system.

Otedola stated, “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. I also commend the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, for his courageous and pragmatic policy reforms. His actions are restoring credibility to the financial system and giving investors like me the confidence to commit long-term capital to this country.”

A Strategic Investment in First Bank

Otedola revealed that his investment in First Bank began in 2021, following his exit from Forte Oil Plc. He clarified that this was not a speculative gamble but a calculated strategy to transform the institution into a well-governed, digitally robust, and profitable bank. He also used the AGM to reinforce his role as an activist shareholder, stating that he would maintain a zero-tolerance approach to corporate excess and inefficiency.

Otedola’s commitment extends beyond financial investment. He outlined his vision for First Bank, including scaling up its digital infrastructure, expanding its international footprint, and enhancing its lending capacity.

A Vision for Dominance

Otedola confidently stated, “Let me say it again: First Bank will not just compete—it will dominate. Within the next four years, we will be one of Africa’s top banks—not just by asset size, but by value creation, governance standards, and strategic impact.” He emphasized that the era of executive excesses is over, with strong corporate governance, responsible lending, and operational discipline set to define the bank’s new era.