On the thirteenth Annual Normal Assembly (AGM) of First HoldCo Plc on Thursday, Chairman Femi Otedola credited the Federal Authorities’s {economic} reforms and the Central Bank of Nigeria’s (CBN) insurance policies as essential components behind his substantial ₦320 billion private funding in First {Bank}.
Otedola praised President Bola Ahmed Tinubu for his “daring and visionary management” in driving obligatory {economic} reforms.
He additionally lauded CBN Governor Yemi Cardoso for his “brave and pragmatic” insurance policies, which have restored confidence in Nigeria’s {financial} system and inspired buyers to commit long-term capital.
“This isn’t a raffle however a calculated, strategic transfer to rework First {Bank} into a contemporary, well-governed, and worthwhile establishment,” Otedola stated, highlighting his gradual acquisition of a big stake since 2021, following his exit from Forte Oil Plc.
The {bank} not too long ago concluded the primary section of its ₦150 billion rights problem, which was oversubscribed with subscriptions totaling ₦187.6 billion.
First HoldCo additionally introduced plans for a second section of capital elevating, concentrating on round ₦350 billion by means of personal placement.
READ ALSO: Tinubu Highlights {Economic} Reforms to Alleviate Hardship, Attracts $30bn in International Funding
Otedola reaffirmed his dedication to take a position extra as First {Bank} pushes to satisfy the Central {Bank}’s capital necessities.
“By the point we conclude the following section, my complete money funding will exceed ₦320 billion, with out borrowing a kobo,” he assured shareholders.
He additional emphasised his activist position in curbing excesses inside the {bank}, defending depositors’ funds, and delivering sturdy shareholder returns, whereas sustaining social and environmental duties.
Otedola additionally acknowledged the board, administration, and the {bank}’s 40 million-plus prospects for his or her dedication and help in sustaining the establishment’s relevance for over 130 years.
