Otedola lauds Nigerian govt over reforms as investment in first Bank hits ₦320bn

The Chairman of First Holding Company Plc, Femi Otedola has hailed the Federal Government’s economic reforms as key drivers of the company’s growth.

He also revealed that his investment in First Bank has surged to ₦320 billion.

Otedola made the revelation on Thursday, at the 13th Annual General Meeting (AGM) of First Holding Company Plc.

“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,” Otedola said.

He noted that the bank’s journey aligns with “the bold and visionary leadership” of President Bola Tinubu, who “deserves credit for championing the tough but necessary reforms in our economy.”

READ ALSO: In-fighting among Otudeko, Otedola, others costs First Bank shareholders N61bn

He also lauded 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,” the businessman added.

This development follows the conclusion of the bank’s first phase of capital raising exercise for a ₦150 billion rights issue in March. The process recorded subscriptions totalling ₦187.6 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 ₦350 billion through private placement.

At the AGM, the billionaire said the vision to reposition the firm started with acquiring a “significant” stake in 2021.

By: Babajide Okeowo

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