Billionaire businessman and Chairman of FBN Holdings Plc (First Holdco), Femi Otedola, has revealed that his staggering ₦320 billion personal investment in First Bank was driven by renewed confidence in Nigeria’s economy, thanks to recent reforms introduced by the Federal Government and monetary policy measures rolled out by the Central Bank of Nigeria (CBN).
In a statement released on Wednesday, Otedola described the investment as a bold vote of confidence in the financial future of Nigeria, emphasizing that improved policy direction and a more transparent banking environment made the move possible.
“The current economic reforms by President Tinubu’s administration and the stabilizing actions of the CBN under its new leadership have created a fertile ground for long-term investments,”Otedola said. “Nigeria’s financial institutions must lead the charge in rebuilding investor trust, and I believe First Bank is well-positioned to do just that.”
The ₦320 billion investment arguably one of the largest private capital injections into a Nigerian bank by an individual solidifies Otedola’s position as one of the most influential stakeholders in the country’s financial sector.
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Analysts say this move could signal a new wave of private-sector confidence in Nigeria’s banking system, especially amid ongoing efforts to stabilize the naira, attract foreign exchange, and reduce inflation.
FBN Holdings has already seen renewed interest from institutional investors since Otedola began increasing his stake in the group, and market watchers predict his involvement will usher in new levels of transparency and competitiveness within the institution.
The Central Bank has yet to release an official statement on the investment, but sources close to the regulatory body say it is being viewed as a positive signal for local investor confidence in a turbulent economic climate.
This development comes just months after the federal government rolled out major fiscal adjustments, including fuel subsidy removal and foreign exchange unification, aimed at revitalizing Africa’s largest economy.
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