Otedola Hails FG, CBN Reforms As Investment In First HoldCo Hits ₦320b
THECONSCIENCE NG reports that Chairman First Holdco Plc Femi Otedola has credited the Federal Government’s economic reforms and the Central Bank’s policies as key drivers behind his ₦320 billion personal investment in First Bank.
Otedola made the remarks on Thursday at the 13th Annual General Meeting (AGM) of First Holdco 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.”
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.”
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.
He noted the acquisition was made as he planned to retire from corporate life with the sale of Forte Oil Plc (former African Petroleum) after repositioning and selling the company in 2019.
