Femi Otedola Pledges N320 Billion Investment to Propel First HoldCo to African Banking Dominance

Billionaire businessman Femi Otedola has announced plans to deepen his financial commitment to First HoldCo Plc, with a personal cash investment set to exceed ₦320 billion by the next phase of the company’s capital raise. The declaration came during the company’s 13th Annual General Meeting (AGM) held on Thursday in Lagos.

Otedola, who currently serves as Chairman of First HoldCo, declared his unwavering vision to reposition the financial services group into one of Africa’s leading banking institutions, stating emphatically:
“This is not a gamble. It’s a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution.”

Referencing his initial acquisition of a “significant” stake in 2021, Otedola recalled that the turning point came just as he was planning retirement following the sale of Forte Oil Plc, which he described as a successful exit after revitalising the company.

Since then, his ambition has evolved into a long-term mission:
“By the time we conclude the next capital raise, I would have personally invested over ₦320 billion — all in cash, without borrowing a single Naira,” he told shareholders.
“I am very positive we’ll meet and exceed the Central Bank’s capital requirements ahead of the deadline.”

Otedola also used the occasion to align First HoldCo’s resurgence with the broader reformist agenda of President Bola Tinubu, lauding the administration for its “bold and visionary leadership.” He reserved special praise for Central Bank Governor Olayemi Cardoso, whose “courageous and pragmatic” policy moves he said are restoring investor confidence in Nigeria’s financial system.

First, HoldCo’s capital-raising efforts are already gaining traction. In March, the firm completed the first phase of its ₦150 billion rights issue, which was oversubscribed by more than 25%, bringing in ₦187.6 billion. The next phase will aim to raise an additional ₦350 billion through private placements, and Otedola has signalled he’s all in.

Otedola, who also chairs Geregu Power Plc, emphasised that his activist shareholder role will continue to drive discipline and accountability within the group.

“No splurging on private jets, unchecked executive luxuries or waste. We must protect depositors’ funds, ensure strong returns for shareholders, and serve our society with integrity.”

He credited the company’s resurgence to the collaborative efforts of the board, management, and over 40 million customers, promising that the company would continue to uphold the values that have made it relevant for more than 130 years.

Looking ahead, Otedola painted an ambitious picture for the future:
“First Bank will not just compete — it will dominate. Within four years, we will be one of Africa’s top banks not only by asset size but by value creation and strategic impact.”

Plans are underway to ramp up lending, expand digital infrastructure, and accelerate international growth. Subsidiaries across the HoldCo are expected to play vital roles in delivering this aggressive expansion strategy.

He pointed to the transformation of Geregu Power Plc — which now contributes 10% of Nigeria’s electricity — as proof of his turnaround credentials.

“I’ve revived companies others gave up on. First HoldCo is no different. This is a turnaround with purpose. We are back. We are profitable. And we are just getting started.”