At the 13th Annual General Meeting (AGM) of First HoldCo Plc on Thursday, Chairman Femi Otedola credited the Federal Government’s economic reforms and the Central Bank of Nigeria’s (CBN) policies as crucial factors behind his substantial ₦320 billion personal investment in First Bank.
Otedola praised President Bola Ahmed Tinubu for his “bold and visionary leadership” in driving necessary economic reforms.
He also lauded CBN Governor Yemi Cardoso for his “courageous and pragmatic” policies, which have restored confidence in Nigeria’s financial system and encouraged investors to commit long-term capital.
“This is not a gamble but a calculated, strategic move to transform First Bank into a modern, well-governed, and profitable institution,” Otedola said, highlighting his gradual acquisition of a significant stake since 2021, following his exit from Forte Oil Plc.
The bank recently concluded the first phase of its ₦150 billion rights issue, which was oversubscribed with subscriptions totaling ₦187.6 billion.
First HoldCo also announced plans for a second phase of capital raising, targeting around ₦350 billion through private placement.
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Otedola reaffirmed his commitment to invest more as First Bank pushes to meet the Central Bank’s capital requirements.
“By the time we conclude the next phase, my total cash investment will exceed ₦320 billion, without borrowing a kobo,” he assured shareholders.
He further emphasized his activist role in curbing excesses within the bank, protecting depositors’ funds, and delivering strong shareholder returns, while maintaining social and environmental responsibilities.
Otedola also acknowledged the board, management, and the bank’s 40 million-plus customers for their dedication and support in sustaining the institution’s relevance for over 130 years.