Otedola’s investment in First Bank hits N320 billion, applauds Tinubu’s reforms

The billionaire businessman and Chairman of First Holdco Plc, Femi Otedola, has had his investment in First Bank increased to N320 billion.

Otedola disclosed this at the 13th Annual General Meeting (AGM) of First Holdco Plc on Thursday, May 22, 2025.

The billionaire businessman commended President Bola Tinubu over his economic reforms in the country, saying the president “deserves credit for championing the tough but necessary reforms in our economy.”

Otedola, who stated that the bank’s journey aligns with Tinubu’s “bold and visionary leadership”, lauded the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, for his “courageous and pragmatic” policy reforms.

The development follows the conclusion of the bank’s first phase of capital raising exercise for a N150 billion rights issue in March.

The process recorded subscriptions totalling N187.6 billion, exceeding the initial target by over 25 per cent.

Although no date was issued, First HoldCo disclosed plans for a second phase of a capital raising exercise, targeting about N350 billion through private placement.

Otedola added: “The intentional drive to rebuild and reposition First Bank 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 First Bank into a modern, well-governed, and highly profitable institution. And this doesn’t stop here.

“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.”

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