FirstHoldCo Chairman, Femi Otedola, has said that he has invested up to N360bn in First Bank.
He said he did not borrow a kobo to do so, adding everything was ‘in cash’.
He expressed delight that his investment and intervention had paid off while adding that the Tinubu government’s policies had revived investor confidence in Nigeria’s economy.
“I am willing to invest even more as we prepare for our next round of capital raise, following the resounding success and oversubscription of our recent offer. By the time we conclude the next phase of capital raise, I would have personally invested over N320 billion, all in cash, without borrowing a single Naira, Otedola said at the 13th Annual General Meeting of FirstHoldCo in Lagos.
This is as he also praised the Central Bank of Nigeria’s Governor, Dr. Olayemi Cardoso turnaround so far recorded in the nation’s economy.
Otedola expressed confidence that more than ever before, that “we are on the right path to repositioning Nigeria’s oldest and most iconic bank as the number one financial institution in Africa.”
He said FirstHoldCo and its major subsidiary, First Bank of Nigeria Limited, maintain their rich heritage entwined in our national history as the first and oldest bank in Nigeria, having been established in 1894.
He admitted that while the institution has more recently been plagued with non-performing loans and several corporate governance and confidence crises, “it has still remained very resilient, with a very huge potential that is yet to be unlocked.”
“The intentional drive to rebuild and reposition FirstBank became emboldened by the acquisition of additional shares and assuming a leadership position to consolidate these objectives. This was not a gamble; it was a calculated, strategic move to rebuild FirstBank into a modern, well-governed and highly profitable institution. And this doesn’t stop here.
“I am very positive that we will raise the capital required well ahead of the Central Bank’s deadline, that, I can assure you,” Otedola said, adding that “this journey aligns closely with the bold and visionary leadership of President Bola Ahmed Tinubu, who deserves credit for championing the tough, but necessary reforms in our economy.
“I also commend the Governor of the Central Bank of Nigeria, Yemi Cardoso, for his courageous and pragmatic policy reforms,” saying his actions are restoring credibility to the financial system and giving investors, like me the confidence to commit long-term capital to this country.”
He praised, in his words, “the immense contributions of the board of directors and management of the institution who have keyed into this overall vision in their efforts in ensuring that it is actualised.
“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,” he added.
“My vision is simple but bold: First HoldCo Plc and its subsidiaries, in Nigeria and across the globe, will become the global standard for financial services. We will build a group that is trusted, tested, respected, and unmatched in servicedelivery, innovation, governance, and profitability. Let me say it again: FirstBank will not just compete, it will dominate.”
He said wthin 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. We will expand lending, scale our digital infrastructure, and accelerate international expansion with every subsidiary playing a pivotal role in delivering results.”
“We are back, we are profitable. And we remain on course in our aggressive pursuit to being the foremost financial institution in Africa,” Otedola stated.
