Otedola hails Tinubu, Cardoso’s reforms as FirstHoldCo regains profitability

Key Points

• Femi Otedola drives First Bank’s turnaround with strong governance, operational discipline, and a focus on profitability and growth.
• FirstHoldCo’s 2024 performance surged: net profit doubled, assets grew 56%, and earnings reached $664 million under Otedola’s leadership.
• Otedola’s investment in the Lagos-based bank will surpass N320 billion ($200.9 million) after the next capital raise.

Nigerian billionaire Femi Otedola, chairman of First Bank Holding Company (FirstHoldCo) and Geregu Power, has made it clear he is fully committed to rebuilding First Bank’s place as one of Africa’s top banks. At the heart of his message is strong support for the economic reforms being driven by President Bola Ahmed Tinubu and Central Bank Governor Yemi Cardoso, which he believes are laying the foundation for renewed stability and long-term growth in Nigeria.

At the 13th Annual General Meeting of FirstHoldCo, Otedola pulled back the curtain on the scale of his vision. He shared that once the Lagos-based bank completes its next round of capital raising, his personal investment in the lender will exceed N320 billion ($200.9 million). What’s remarkable is that this entire amount comes directly from his own resources, without any loans or borrowing. This stands as the largest single investment ever made by an individual in Nigeria’s banking sector. “This was not a gamble,” he said. “It was a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution.” His words mark a clear break from the bank’s more unstable past.

Femi Otedola sets new standard; his financial discipline revives First Bank

Founded in 1894, First Bank has long been a fixture in Nigeria’s financial sector. But internal governance issues, poor loan decisions, and leadership missteps gradually chipped away at its reputation and market strength. When Femi Otedola began acquiring shares in 2021, eventually becoming the largest individual shareholder, he made it clear he wasn’t in it for passive returns. Since becoming chairman in January 2024, he has set a new tone, one focused on discipline, accountability, and performance. Among his first moves: eliminating excesses like executive use of private jets and pushing for a results-oriented culture at the top.

“As an activist shareholder, my mandate is clear: curb excesses and wastages (no splurging on private jets, unchecked executive luxuries, protect depositors funds, deliver strong returns to shareholders, and contribute meaningfully to the society/environment we serve and operate in” Otedola said. “I will continue to enforce stronger corporate governance from risk asset management to responsible lending, operational discipline, and ethical leadership.”

The results have been striking. Under Otedola’s leadership, FirstHoldCo’s gross earnings climbed to over $660 million in 2024, with solid growth in interest income, fee-based revenues, and returns on financial assets. The group’s total income jumped from N769.2 billion ($480 million) in 2023 to N1.063 trillion ($664 million) in 2024. Net profit more than doubled, and total assets grew by over 56 percent, from N16.94 trillion ($10.56 billion) at the end of 2023 to N26.52 trillion ($16.5 billion) by year-end 2024. These gains not only signal a strong turnaround, they show First Bank is once again competing at the highest level.

Otedola commends President Tinubu, Central Bank

At the same time, Otedola’s efforts seem to be moving in lockstep with broader economic changes in Nigeria. He praised President Tinubu and Central Bank Governor Yemi Cardoso for making bold choices to stabilize the currency, restore confidence, and attract investment. “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,” he said. “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.”

That commitment isn’t just talk. As the Central Bank prepares to roll out tougher capital requirements, FirstHoldCo is not only ready to comply, it’s looking to stay well ahead. Its most recent capital raise was oversubscribed, showing that the market is starting to believe in the bank’s direction. Otedola confirmed that another round of investment is underway, which will take his personal investment above $200 million, all in cash, without any debt. That kind of direct, debt-free investment is rare in African finance and speaks to his deep confidence in both the bank and the country. Reaffirming his stance, he said: “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.” 

But it’s not just about earnings, balance sheets, or boardroom decisions. Earlier this year, Femi Otedola laid the foundation stone for First Bank’s future headquarters in Eko Atlantic City, Lagos’ ambitious financial district still under development. When finished, the 44-floor tower is set to become Nigeria’s tallest building and one of the tallest in Africa. The event drew some of the country’s most powerful figures, including Vice President Kashim Shettima, Lagos State Governor Babajide Sanwo-Olu, Aliko Dangote, and the Chagoury brothers. For Otedola, the tower is not just about a new office, it’s a clear message about where he sees the bank heading.

FirstHoldCo targets growth, governance, innovation

Femi Otedola’s ambitions for FirstHoldCo extend far beyond Lagos. He wants to grow the bank’s digital presence, reach people in underserved communities, strengthen support for small businesses, and expand into new markets across Africa. This is best said in his words: “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: First Bank will not just compete, it will dominate,” Femi Otedola said. “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.” For Otedola, it’s not about being the biggest alone, it’s about doing the right things the right way. Under his watch, the bank plans to grow its loan book, strengthen its digital systems, and push further into international markets, with each subsidiary expected to play a meaningful role.

It’s the same mindset he brought to Geregu Power Plc. What started as a struggling power plant is now a key part of Nigeria’s energy grid, generating over 10 percent of the country’s electricity. As chairman, Otedola has helped turn the company around, profits are up, with N41.27 billion ($26.8 million) in earnings recorded in 2024. Geregu was also recognized as the “Most Compliant Listed Company of the Year” at the NGX Made of Africa Awards, an acknowledgment of its strong governance and commitment to doing things properly. 

“Geregu Power Plc is a testament to this, having revived and repositioned it from a moribund company to contributing 10 percent of Nigeria’s electricity consumption.,” Otedola  said. “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.”

Today, First Bank serves more than 40 million customers and has a strong footprint across West Africa. But under Otedola’s leadership, it’s taking on a new identity. No longer just Nigeria’s oldest bank, it’s stepping into a bold new chapter, one that’s not funded by government support or corporate partnerships, but driven by one man’s belief in the future of Nigerian institutions. Femi Otedola isn’t just investing his capital, he’s putting his name and reputation behind it. And for the first time in years, the future of First Bank feels as promising as the legacy it carries.