• 23 May, 2025
• FAITH MIMDOO KEGH
• No comment

Otedola Praises Tinubu, Cardoso for Restoring Investor Confidence.

Femi Otedola, Chairman of FirstHoldCo, has credited President Bola Ahmed Tinubu and Central Bank Governor Yemi Cardoso with reviving investor confidence in Nigeria’s economy through their reform policies.

Speaking at FirstHoldCo’s 13th Annual General Meeting in Lagos, Otedola expressed optimism about Nigeria’s economic direction and reaffirmed his commitment to transforming FirstHoldCo and its subsidiary, First Bank of Nigeria, into Africa’s leading financial institution.

Established in 1894, First Bank is Nigeria’s oldest bank. Otedola acknowledged past challenges, including non-performing loans and corporate governance issues, but emphasized the bank’s resilience and untapped potential. He revealed that since selling his stake in Forte Oil in 2019, he has invested over ₦320 billion in FirstHoldCo, entirely self-funded.

Otedola said his increased stake and leadership role were part of a strategic move to modernize and restore the bank’s prominence. He announced plans for further investment during the upcoming capital raise and assured stakeholders of meeting regulatory capital requirements ahead of the Central Bank’s deadlines.

He lauded Tinubu for implementing tough but necessary economic reforms and praised Cardoso for restoring trust in Nigeria’s financial system, saying these actions have encouraged long-term investment.

Otedola also highlighted the contributions of FirstHoldCo’s board and over 40 million customers, expressing gratitude for their support. As an “activist shareholder,” he committed to enforcing strict corporate governance, cutting waste, protecting depositor funds, and enhancing shareholder value.

His vision, he said, is for FirstHoldCo and its subsidiaries to set a global benchmark in service delivery, innovation, governance, and profitability. Over the next four years, the group aims to become one of Africa’s top banks—not just in size but in value, standards, and strategic influence—through expanded lending, digital growth, and international presence.

Referring to his past success in reviving Geregu Power Plc, Otedola said he is confident in his ability to lead FirstHoldCo’s transformation. “We are back, we are profitable, and we are on track to becoming Africa’s leading financial institution,” he concluded.

FAITH MIMDOO KEGH

Manager – Oversees the daily operations, editorial planning, and strategic direction of the platform. A graduate with a solid academic foundation in media and communication, Faith brings a wealth of experience to the TokinPoint.

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