Billionaire investor Femi Otedola has pledged over N320 billion in personal investment to transform First Holdco Plc and its subsidiary, First Bank of Nigeria Limited, aiming to position it as Africa’s leading financial institution within four years

[dropcap]B[/dropcap]illionaire investor Femi Otedola today reaffirmed his commitment to transforming First Holdco Plc and its flagship subsidiary, First Bank of Nigeria Limited, into Africa’s leading financial institution.

Also read: Femi Otedola crowned Activist Investor, Market Maker of the Year

Speaking after the bank’s 13th Annual General Meeting, Otedola, an activist shareholder, expressed unwavering confidence in the bank’s future, highlighting his substantial personal investment and a clear vision for its dominance.

Otedola, who successfully repositioned Forte Oil Plc before its sale in 2019, revealed that his strategic investment in First Holdco began in 2021, a period when he had initially planned for retirement.

He underscored his deliberate drive to rebuild the institution, which has a rich 130-year heritage but has recently faced challenges with non-performing loans and corporate governance issues.

“This was not a gamble; it was a calculated, strategic move to rebuild FirstBank into a modern, well-governed, and highly profitable institution,” Otedola stated.

He announced his willingness to invest even more, with plans to personally inject over N320 billion in cash – without any borrowing – as the bank prepares for its next capital raise.

He expressed confidence in meeting the Central Bank’s recapitalization deadline.

This was not a gamble; it was a calculated, strategic move to rebuild FirstBank into a modern, well-governed, and highly profitable institution.

Otedola credited the economic reforms championed by President Bola Ahmed Tinubu and the “courageous and pragmatic policy reforms” of Central Bank Governor Yemi Cardoso for restoring credibility to the financial system and boosting investor confidence.

He also acknowledged the crucial contributions of First Holdco’s board and management.

His mandate as an activist shareholder is clear: “curb excesses and wastages (no splurging on private jets, unchecked executive luxuries, etc) protect depositors funds, deliver strong returns to shareholders, and contribute meaningfully to the society/environment we serve and operate in.”

He pledged to enforce stronger corporate governance, responsible lending, operational discipline, and ethical leadership.

Otedola’s bold vision is for First Holdco and its subsidiaries globally to become the “global standard for financial services.” He asserted, “FirstBank 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.”

His strategy includes expanding lending, scaling digital infrastructure, and accelerating international expansion.

Also read: First Bank rebrands as FirstHoldCo Plc for a unified global identity

Drawing parallels to his successful turnaround of Geregu Power Plc, which he transformed from a moribund company to one contributing 10% of Nigeria’s electricity, Otedola declared, “First Bank is no different; it’s a turnaround with a purpose, and we are well on our way.”