Billionaire investor Femi Otedola has pledged over N320 billion in personal investment to transform First Holdco Plc and its subsidiary, First Bank of Nigeria Limited, aiming to position it as Africa’s leading financial institution within four years
Billionaire investor Femi Otedola has declared his unwavering commitment to transforming First Holdco Plc and its flagship subsidiary, First Bank of Nigeria Limited, into Africa’s premier financial institution.
Also read: Nigerian Billionaire, Otedola Emerges First Bank Holdings Board Chairman
Following the bank’s 13th Annual General Meeting today, Otedola, an activist shareholder, articulated a bold vision for the bank’s future, backed by a planned personal investment exceeding N320 billion in cash.
Otedola revealed that his strategic engagement with First Holdco began in 2021, driven by a determination to rebuild the institution, which, despite its 130-year legacy, has faced challenges with non-performing loans and corporate governance issues.
He emphasized that his growing stake and leadership role are “not a gamble; it was a calculated, strategic move to rebuild FirstBank into a modern, well-governed, and highly profitable institution.”
He confidently stated he would personally invest over N320 billion, all in cash and without borrowing, to support the bank’s upcoming capital raise, aiming to meet the Central Bank’s deadline well in advance.
The prominent businessman lauded the economic reforms of President Bola Ahmed Tinubu and the “courageous and pragmatic policy reforms” by Central Bank Governor Yemi Cardoso, crediting them with restoring confidence in Nigeria’s financial system and attracting long-term capital.
This was not a gamble; it was a calculated, strategic move to rebuild FirstBank into a modern, well-governed, and highly profitable institution.
He also acknowledged the crucial contributions of First Holdco’s board and management.
Otedola outlined his mandate as an activist shareholder: “curb excesses and wastages… protect depositors funds, deliver strong returns to shareholders, and contribute meaningfully to the society/environment.”
He pledged to enforce robust corporate governance, responsible lending, operational discipline, and ethical leadership.
His ambitious vision is for First Holdco and its subsidiaries to become a “global standard for financial services,” asserting that “FirstBank will not just compete it will dominate.”
He projected that within the next four years, FirstBank will be among Africa’s top banks, excelling not just in asset size, but in value creation, governance, and strategic impact, through expanded lending, scaled digital infrastructure, and accelerated international expansion.
Drawing on his track record of reviving companies, such as Geregu Power Plc, Otedola declared, “First Bank is no different; it’s a turnaround with a purpose, and we are well on our way.
I invest in value, I invest with conviction, and I stay the course. First Holdco Plc is my best bet yet.” He concluded by affirming the bank’s return to profitability and its aggressive pursuit of becoming the foremost financial institution in Africa.
