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

First Holdco Plc has just concluded its 13th Annual General Meeting today and with today’s deliberations, I am more confident 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.

First Holdco 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. 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. Unlocking this potential and positioning the entity as the foremost financial institution in Africa requires a series of bold and deliberate steps, which I have decided to champion under my leadership.

The vision of positioning the institution started with the acquisition of a significant stake in 2021 at a time I was planning to retire  from corporate life with the sale of Forte Oil Plc (former African Petroleum); a company I successfully repositioned and sold in 2019.  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 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. I am very positive that we will raise the capital required well ahead of the Central Bank’s deadline… that, I can assure you.

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, 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. 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.

“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”.

As an activist shareholder, my mandate 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. I will continue to enforce stronger corporate governance from risk asset management to responsible lending, operational discipline, and ethical leadership.

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 service delivery, innovation, governance, and profitability. Let me say it again: 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. We will expand lending, scale our digital infrastructure, and accelerate international expansion with every subsidiary playing a pivotal role in delivering results.

I have done this before. I know what it means to fail, rise up, and win. I have revived companies that were considered dead and turned them into value-making machines. Geregu Power Plc is a testament to this having revived and repositioned it from a moribund company to contributing 10% of Nigeria’s electricity consumption. First Bank is no different; it’s a turnaround with a purpose, and we are well on our way. I invest in value, I invest with conviction, and I stay the course. First Holdco Plc is my best bet yet.

We are back. We are profitable. And we remain on course in our aggressive pursuit to be the foremost financial institution in Africa.