Femi Otedola, chairman of First HoldCo Plc, announced that his investment in the financial institution is set to reach N320 billion in cash by the upcoming capital raising round. He made this declaration during the company’s 13th annual general meeting (AGM) held Thursday in Lagos.
Otedola commended the “bold and visionary leadership” of President Bola Tinubu for championing necessary economic reforms, as well as lauding the “courageous and pragmatic” initiatives of Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN).
In March, First HoldCo successfully completed the first phase of its capital raising exercise, achieving an impressive N187.6 billion in subscriptions for a N150 billion rights issue—exceeding its target by over 25%. While no specific date was provided, the company has outlined plans for a second phase of capital raising, aiming to secure around N350 billion through private placements.
During the AGM, Otedola reflected on his initial acquisition of a significant stake in the bank in 2021 and discussed how that moment marked the beginning of a strategic vision to revitalize First Bank. “The intentional drive to rebuild and reposition First Bank was further emboldened by the acquisition of additional shares and taking on a leadership role,” he stated.
“This was not a gamble; it was a calculated, strategic move to transform First Bank into a modern, well-governed, and highly profitable institution. I am ready to invest even more as we prepare for our next capital raise following the overwhelming success of our recent offer. By the end, I will have personally invested over N320 billion in cash without borrowing a single Naira. I am highly confident that we will raise the required capital well ahead of the Central Bank’s deadline.”
Otedola also praised Cardoso’s efforts in restoring credibility to Nigeria’s financial system, stating that these actions are instilling investor confidence for long-term commitments. He acknowledged the commitment of the board of directors and management in realizing this collective vision.
“As an activist shareholder, my mission is clear: to curb excesses and protect depositor funds while delivering strong returns for shareholders and making positive contributions to the society we operate in,” he emphasized.
Aiming for Global Standards
Looking ahead, Otedola outlined his vision for First HoldCo and its subsidiaries, asserting that the company aims to set a global standard in financial services. “Our goal is simple but bold: to create a trusted, respected, and unmatched organization in service delivery, governance, and profitability. In the next four years, First Bank will not only compete but dominate, potentially becoming one of Africa’s top banks in terms of value creation and governance standards,” he stated.
He reiterated plans to expand lending, enhance digital infrastructure, and accelerate international growth with each subsidiary playing an essential role in achieving success. Citing his previous successes, including the turnaround of Geregu Power Plc, Otedola expressed unwavering resolve. “First Bank is on a purposeful turnaround, and we are well on our way. I invest in value, I invest with conviction, and First HoldCo is my best bet yet. We are back. We are profitable.”
Otedola closed by assuring that the bank would remain committed to its ambition of becoming the premier financial institution in Africa.