Billionaire Femi Otedola, Chairman of First Holdco Plc, has commended the Federal Government’s economic reforms and the Central Bank’s policies for his N320 billion personal investment in First Bank.
Otedola made the remarks at the 13th Annual General Meeting (AGM) of First Holdco Plc.
“This journey aligns closely with the bold and visionary leadership of President Bola Tinubu, who deserves credit for championing the tough but necessary reforms in our economy,” Otedola said.
Otedola also commended the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for his “courageous and pragmatic” policy reforms.
“I also commend the Governor of the Central Bank of Nigeria, Mr Yemi Cardoso, for his courageous and pragmatic policy reforms.
”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 said.
Otedola’s investment in First Bank followed the conclusion of the bank’s first phase of capital raising exercise for a N150 billion rights issue in March, which recorded subscriptions totaling N187.6 billion.
“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,” he said.
Otedola expressed gratitude to the board of directors, management, and customers of First Bank for their contributions and commitment to the bank’s vision.
“I must not also forget to recognise the immense contributions of the board of directors and management of the institution, who have keyed into this overall vision and are dogged in their efforts in ensuring that it is actualised,” he said.
Otedola expressed confidence in the bank’s ability to raise the required capital ahead of the Central Bank’s deadline.
“I am very positive that we will raise the capital required well ahead of the Central Bank’s deadline. I can assure you,” he added.
