Chairman of First HoldCo Plc, Femi Otedola, has announced that his total investment in the financial institution is set to reach N320 billion in cash following the next phase of the company’s capital raising drive.
Speaking during the 13th Annual General Meeting (AGM) of First HoldCo Plc held on Thursday in Lagos, Otedola praised the bold economic reforms of President Bola Tinubu, which he said have created a conducive environment for long-term investments.
“The bank’s journey aligns with the bold and visionary leadership of President Bola Tinubu, who deserves credit for championing the tough but necessary reforms in our economy,” he stated.
He also commended Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, for his “courageous and pragmatic” policy moves that are restoring credibility to the financial system and encouraging investor confidence.
In March 2025, First HoldCo completed the first phase of its capital raising programme with a rights issue of N150 billion, which was oversubscribed by 25 percent, drawing N187.6 billion from investors. The company is now set for a second round aimed at raising N350 billion through private placement.
Otedola revealed that he began acquiring a significant stake in the institution in 2021, shortly after retiring from corporate life following the sale of Forte Oil Plc.
“This was not a gamble, it was a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution. And this doesn’t stop here,” he said.
“By the time we conclude the next capital raise, I would have personally invested over N320 billion, all in cash, without borrowing a single Naira. I am very positive that we will raise the required capital well ahead of the Central Bank’s deadline… that, I can assure you.”
Otedola reiterated his commitment to enforcing stronger corporate governance across the group’s subsidiaries, stressing operational discipline, ethical leadership, and responsible lending.
He described himself as an “activist shareholder”, whose mission is to:
Eliminate excesses and waste, Safeguard depositors’ funds, Deliver strong returns to shareholders, and Positively impact the environment and society.
“No splurging on private jets or unchecked executive luxuries,” he said.
Looking forward, Otedola projected that First HoldCo would become a global benchmark in financial services, pledging that:
“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 added that the group would expand lending, scale its digital infrastructure, and pursue aggressive international expansion.
Otedola, who also chairs Geregu Power Plc, cited the turnaround of that firm — now responsible for 10% of Nigeria’s electricity output — as a model for what’s to come for First Bank.
“I invest in value, I invest with conviction, and I stay the course. First HoldCo Plc is my best bet yet. We are back. We are profitable. The bank will remain on course in its aggressive pursuit of becoming the foremost financial institution in Africa.”