In a landmark development that signals a new chapter for Nigeria’s banking sector, Femi Otedola, Chairman of First Holdco Plc, has hailed the sweeping reforms championed by President Bola Ahmed Tinubu and Central Bank Governor Yemi Cardoso as pivotal to the financial revival of Nigeria’s oldest and most iconic banking institution. Speaking after the conclusion of First Holdco’s 13th Annual General Meeting on May 23, 2025, Otedola expressed unwavering confidence in the strategic repositioning of First Bank of Nigeria Limited, which is on track to reclaim its status as Africa’s foremost financial institution.
First Bank, established in 1894, carries a rich heritage as Nigeria’s pioneer bank but has in recent years struggled with challenges including non-performing loans, governance issues, and waning investor confidence. Otedola’s acquisition of a controlling stake in 2021 marked a decisive move away from retirement plans towards a bold vision to restore the bank’s profitability and global standing.
“This was not a gamble but a calculated strategic decision to rebuild FirstBank into a modern, well-governed, and highly profitable institution,” Otedola said. He further revealed that his personal cash investments in the institution have exceeded N320 billion without resorting to borrowing, underscoring his commitment to the bank’s sustainable growth.
Otedola’s optimism is deeply rooted in the broader economic reforms initiated by President Tinubu and Governor Cardoso. “President Tinubu’s bold reforms and Governor Cardoso’s pragmatic policies have restored credibility to Nigeria’s financial system,” Otedola emphasized. The reforms have not only revitalized market confidence but also created an enabling environment for private capital to flow into long-term developmental projects.
The chairman also credited the bank’s board and management for aligning with this vision and relentlessly driving operational improvements and governance reforms. “We have remained relevant and impactful for over 130 years thanks to the unwavering support of over 40 million customers,” he added, acknowledging the critical role of customer loyalty in the bank’s ongoing transformation.
Otedola outlined his activist shareholder mandate, which prioritizes curbing corporate excesses, protecting depositors’ funds, delivering shareholder returns, and fostering ethical leadership. “No more unchecked executive luxuries or wasteful spending,” he affirmed, pledging stricter corporate governance, disciplined risk management, and responsible lending practices.
Looking ahead, Otedola envisions First HoldCo Plc and its subsidiaries emerging as global standards in financial services. “Within the next four years, FirstBank will not just compete; it will dominate the African banking landscape — not merely by asset size but by value creation, governance standards, and strategic impact,” he declared.
The revitalization plan includes aggressive expansion in digital banking infrastructure, scaling lending operations, and accelerating international growth through the bank’s subsidiaries. These efforts are expected to position FirstBank not only as a domestic powerhouse but also as a formidable player on the global financial stage.
Otedola’s confidence is backed by his proven track record in corporate turnarounds. He cited his successful repositioning of Geregu Power Plc, transforming it from a struggling entity to one contributing 10% of Nigeria’s electricity consumption. “FirstBank is no different; it’s a turnaround with a purpose, and we are well on our way,” he noted.
With profitability restored and a clear roadmap ahead, First Holdco Plc under Otedola’s leadership is poised to lead Nigeria’s banking sector into a new era of growth, innovation, and stability. The strategic alignment with national reforms and a disciplined governance framework ensures that this historic institution will not only endure but thrive, reinforcing its legacy as a pillar of Nigeria’s economic development.