Otedola Speaks on His Total Investment in First Bank, Shares Plan For Next Move

• Femi Otedola, chairman of First HoldCo Plc, announced that his total cash investment in the company will reach N320 billion after the next stage of its capital-raising campaign
• The company completed a N150 billion rights issue, which was 25% oversubscribed, and is preparing for a second round of private placements to raise N350 billion
• Otedola emphasised his commitment to strong corporate governance, operational discipline, and positioning First Bank as a leading financial institution in Africa

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Femi Otedola, the chairman of First HoldCo Plc, has declared that, after the next stage of the company's capital-raising campaign, his total cash investment in the financial institution is expected to reach N320 billion.

Speaking at First HoldCo Plc's 13th Annual General Meeting (AGM), which took place in Lagos on Thursday, Otedola commended President Bola Tinubu's audacious economic changes, claiming that they had improved the climate 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.

Additionally, he praised Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), for his "courageous and pragmatic" policy decisions that are boosting investor confidence and re-establishing the financial system's integrity.

With a rights issue of N150 billion, which was 25% oversubscribed, First HoldCo concluded the first phase of its capital-raising programme in March 2025, attracting N187.6 billion from investors. The company is now preparing for a second round of private placements with the goal of raising N350 billion.

Otedola disclosed that he started purchasing a sizeable portion of the organisation in 2021, not long after he left the business world when Forte Oil Plc was sold.

“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.”

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Legit.ng reported that Across the globe, billionaires are focusing on one of the most impactful ways to create lasting change through education.

Nigerian billionaires are not exempt from this, as successful business moguls such as Aliko Dangote and others have contributed to improving education in the country.

Billionaires.Africa highlights the largest donations to universities by Nigerian billionaires, highlighting a common commitment to changing educational systems and promoting an inclusive future.

Source: Legit.ng