Otedola lauds Tinubu’s leadership, economic reforms
…as First Bank meets N500bn capital requirement
The Chairman of First HoldCo plc, Femi Otedola on Thursday praised President Bola Tinubu for his leadership and economic reforms, stressing that the current administration
has shown “remarkable” courage and clarity in steering “our country through difficult but necessary reforms”.
He said the president’s bold sense of direction, guided by “a deep understanding of our economy”, has created the foundation for policies that are now globally recognised.
“I have seen many administrations, but his conviction at this critical time deserves commendation,” he said.
Speaking on the health of the financial sector in a statement, Otedola stated that the parent company’s commitment to more capital injection.
He revealed that First Holdco Plc has met the N500 billion capital requirement of the Central Bank of Nigeria (CBN), calling for stricter oversight of the country’s banking sector.
“FirstBank, the commercial banking arm of First HoldCo Plc, has met the N500 billion minimum capital base required by the Central Bank of Nigeria (CBN) for an international banking licence. The shareholders of FirstHoldco are committed to injecting additional capital into its existing subsidiaries and new business adjacencies,” the businessman said.
The billionaire said he was impressed by the “bold” decision to recapitalise the banking sector, noting that it was the right move, even though it was “unnecessarily” criticised early on.
He said following the massive profits banks recorded in 2024, 2025 became a year of prudence and consolidation.
This, according to the influential investor, is the only way banks can support real sector lending and drive genuine economic growth in 2026.
“From where I stand, and with the benefit of many years in Nigeria’s business landscape, I believe it is time to raise the minimum capital requirement for international banking licences from N500 billion to at least N1 trillion,” Otedola said.
“A modern economy aiming for the $1 trillion mark cannot rely on weakly capitalised banks. Stronger banks mean better governance, broader ownership, and institutions that are not run like personal estates, a problem we have lived with for far too long.”
Similarly, the businessman described Cardoso as “exceptional”, noting that the governor has exhibited the “same spirit of boldness”.
He said the slowdown in the rate of inflation is proof of his disciplined return to orthodox monetary policy.
The billionaire said Cardoso’s reforms in the foreign exchange (FX) market have restored confidence that had long been missing.
“This is not theory; these are real results, visible in the gradual easing of pressure on households and businesses. I appreciate this because I know, from experience, how damaging policy inconsistency can be,” Otedola said.
“For the first time in years, the naira is strengthening on the back of market forces not artificial fixes. To me, this is the most powerful signal that we are finally doing things the right way. The fact that our external reserves have climbed to a seven-year high above $46 billion is further evidence of his steady hand.
“I say this without hesitation: Yemi Cardoso is the best Central Bank Governor Nigeria has ever produced. His calmness, discipline, and unwavering focus on doing what is right, not what is easy, reminds me of the kind of leadership any serious economy needs.”
Otedola encouraged the economist to continue on the same path.
He said Nigeria is turning a corner, adding that “those of us who believe in this country will continue to support the bold monetary reforms that are laying a stronger foundation for our future”.
On December 29, 2025, the billionaire businessman offloaded his shares in Geregu Power Plc for N1.088 trillion. The deal has since stoked speculations among analysts on what Otedola’s next play could be.
