Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has praised economic reforms by the Federal Government and policies of the Central Bank of Nigeria (CBN) as key motivations for his ₦320 billion personal investment in First Bank.

Otedola made the remarks at the company’s 13th Annual General Meeting (AGM) on Thursday.

“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,” he said.

He also commended CBN Governor Olayemi Cardoso for his “courageous and pragmatic” reforms, which, he noted, are restoring credibility to the financial system and encouraging long-term investments.

Otedola’s remarks follow the bank’s successful conclusion of a ₦150 billion rights issue in March, which was oversubscribed by 25 per cent, raising ₦187.6 billion. A second capital raise of ₦350 billion through private placement is expected soon.

The billionaire recalled his entry into First Bank in 2021 after exiting Forte Oil Plc, describing his investment as a calculated, strategic move — not a gamble.

“By the time we conclude the next phase of capital raising, I would have personally invested over ₦320 billion — all in cash, without borrowing a single Naira,” he said.

He also applauded the board and management of First HoldCo for aligning with his vision of building a modern, well-governed, and profitable institution.

“As an activist shareholder, my mandate is clear: curb excesses and wastage, protect depositors’ funds, ensure strong returns for shareholders, and contribute meaningfully to society,” he stated.