Otedola Hails Tinubu, Cardoso’s Reforms as FirstHoldCo Regains Profitability

Femi Otedola, Chairman of First Bank Holding Company (FirstHoldCo), has attributed the group’s return to profitability to the bold economic reforms initiated by President Bola Ahmed Tinubu and the monetary policies of Central Bank Governor Yemi Cardoso. Speaking at the 13th Annual General Meeting of FirstHoldCo in Lagos, Otedola praised the renewed investor confidence these reforms have inspired and revealed that his investment in the group is set to exceed ₦320 billion.

Otedola began building his stake in FirstHoldCo in 2021 following his exit from Forte Oil, and his entry was seen by many as a strategic bid to stabilize and reposition First Bank, one of Nigeria’s oldest financial institutions. Reflecting on that move, he stated, “This was not a gamble; it was a calculated, strategic decision to rebuild First Bank into a modern, well-governed, and highly profitable institution.”

The bank’s performance over the past year backs up that claim. FirstHoldCo posted a net profit that doubled year-on-year, a 56% growth in total assets, and earnings that reached $664 million. These results mark a significant recovery from the group’s earlier struggles with governance issues and poor asset quality. Otedola said these milestones are only the beginning and that the bank is well on its way to becoming one of Africa’s most valuable financial institutions.

This turnaround is also being powered by an aggressive capital raising programme. In March 2025, FirstHoldCo completed a ₦150 billion rights issue which was oversubscribed by 25%, attracting ₦187.6 billion from investors. The company is now preparing for a second round of capital injection through a ₦350 billion private placement, which Otedola confirmed he will participate in significantly. When completed, his personal investment in the bank will exceed ₦320 billion, making him one of the largest individual investors in the Nigerian banking industry.

Otedola’s confidence in the reforms spearheaded by Tinubu and Cardoso is rooted in what he called a “clear commitment to resetting Nigeria’s economy.” He praised the CBN’s monetary tightening policies, its efforts to stabilize the naira, and its crackdown on systemic inefficiencies in the financial sector. According to him, these policies are already restoring trust in Nigeria’s financial markets and creating a more favorable environment for long-term investment.

The business mogul also reaffirmed his commitment to corporate governance, describing himself as an “activist shareholder” whose mission is to safeguard depositors’ funds, enforce operational discipline, and ensure that shareholders enjoy real returns. “No private jets, no unchecked executive luxuries. We are about efficiency and impact,” Otedola emphasized. He noted that strong governance across the group’s subsidiaries will remain a top priority, ensuring that every naira invested works toward shareholder value and national economic development.

Otedola’s plans for FirstHoldCo extend beyond short-term profitability. He envisions the bank becoming a leader not just in asset size but in innovation, governance, and impact across the continent. “Within the next four years, First Bank will not just compete—it will dominate. We will be one of Africa’s top banks, not only in numbers but in the trust and confidence we inspire,” he said.

Drawing a parallel with Geregu Power Plc, another company under his leadership, Otedola described FirstHoldCo as his most significant bet yet. Geregu has already gained a reputation for efficiency and steady performance in Nigeria’s power sector, and Otedola believes the banking group is on a similar trajectory.

The broader implications of FirstHoldCo’s resurgence are significant for Nigeria’s banking landscape. As the institution regains its strength, it can extend more credit to the private sector, support large-scale infrastructure financing, and deepen financial inclusion. Its success story could also serve as a blueprint for revitalizing other legacy institutions struggling with capital erosion and poor governance.

Otedola’s optimism is tempered by a recognition that challenges remain. Macroeconomic headwinds, global market uncertainty, and ongoing reforms will require strong leadership and disciplined execution. However, with a strong capital base, renewed investor trust, and a clear strategic direction, FirstHoldCo appears poised to navigate the turbulence ahead.

In closing, Otedola reiterated his long-term commitment to the group and to Nigeria’s economic revival. “I invest in value. I invest with conviction. And I stay the course. FirstHoldCo is back, we are profitable, and we will remain on track in our drive to become Africa’s foremost financial institution.”

As Nigeria looks to the private sector to anchor its next phase of growth, FirstHoldCo’s turnaround under Otedola’s leadership is being hailed as a sign of what’s possible when reforms, leadership, and capital align.