Otedola Praises Tinubu And Cardoso’s Reforms As FirstHoldCo Returns To Profitability

Following First Holdco Plc’s 13th Annual General Meeting, its Chairman has expressed renewed confidence in the company’s mission to restore FirstBank to its preeminent position as Africa’s leading financial institution.

He noted that despite past challenges ranging from non-performing loans to governance issues the bank’s resilience and rich legacy, dating back to its 1894 founding, remain intact. The chairman described his strategic acquisition of a controlling stake in 2021 as a deliberate move to reposition the bank after his successful exit from Forte Oil Plc.

He revealed plans to personally invest over ₦320 billion entirely from personal funds into the bank as it prepares for a new round of capital raise, which follows a recently oversubscribed offering. He assured stakeholders that FirstBank would meet the Central Bank’s recapitalization deadline ahead of schedule.

The chairman praised President Bola Tinubu’s economic reforms and commended CBN Governor Yemi Cardoso for policies that are restoring investor confidence. He also acknowledged the board and management for their commitment to the bank’s transformation agenda.

“We have remained relevant and impactful for over 130 years as a result of the unwavering commitment of our esteemed 40 million plus customers. I specially appreciate them”.

Activist shareholder and Chairman of First HoldCo Plc has reaffirmed his commitment to restoring the group’s status as Africa’s leading financial powerhouse, unveiling an ambitious vision centered on strong governance, strategic expansion, and value creation.

Speaking after the firm’s 13th Annual General Meeting, the Chairman declared his mandate clear: end wasteful spending, uphold depositor trust, ensure shareholder returns, and drive ethical leadership.

“There will be no excesses no private jet splurges or unchecked executive luxuries,” he stated, promising disciplined risk management, responsible lending, and improved operational standards.

He revealed that by the conclusion of First HoldCo’s next capital raise, he would have invested over ₦320 billion of his personal funds entirely debt-free to solidify the bank’s market leadership and meet CBN’s recapitalization targets ahead of deadline.

Outlining his vision, he stated: “We will build a group that is trusted, tested, respected, and unmatched in service, innovation, and profitability.” Within four years, he aims to position FirstBank among Africa’s top institutions not only by asset size but by governance standards and global impact.

The Chairman cited his past successes with Forte Oil and Geregu Power Plc as proof of his ability to revive underperforming entities. He stressed that FirstBank’s transformation is “a turnaround with purpose,” as the bank prepares to expand its lending base, scale digital infrastructure, and deepen global reach through its subsidiaries.

I have done this before. I know what it means to fail, rise up, and win. I have revived companies that were considered dead and turned them into value-making machines. Geregu Power Plc is a testament to this having revived and repositioned it from a moribund company to contributing 10% of Nigeria’s electricity consumption. 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 also praised President Bola Ahmed Tinubu’s reform-driven administration and the CBN’s leadership under Yemi Cardoso, attributing his investment confidence to their policy direction. “We are back. We are profitable. And we are on course,” he concluded.

We are back. We are profitable. And we remain on course in our aggressive pursuit to be the foremost financial institution in Africa.