Billionaire businessman and First HoldCo Chairman, Femi Otedola, has disclosed that he has invested more than ₦600 billion of his personal wealth in the financial services group, describing the investment as a long-term commitment to transforming one of Nigeria’s oldest financial institutions.

Otedola made the disclosure in his first major interview since becoming chairman of First HoldCo, where he outlined his investment strategy, the institution’s turnaround and his long-term vision for the group.

According to him, his continued investment in First HoldCo is not driven by short-term speculation but by confidence in the institution’s fundamentals and its potential to become a leading financial services provider in Nigeria and across Africa.

“I have invested over ₦600 billion of my personal wealth in First HoldCo Plc,” Otedola said, describing the investment as evidence of his “unflinching confidence” in the institution’s future.

The billionaire investor, who currently holds about 25.8% of First HoldCo and is its largest shareholder, also indicated that his approach to the institution differs from some of his previous investments.

He said First HoldCo represents a long-term, generational commitment because of its more than 130-year history, systemic importance and position within Nigeria’s financial system.

Otedola revealed that his investment strategy has historically involved building substantial ownership positions in companies undergoing transformation. He cited his previous investments in African Petroleum, later renamed Forte Oil, and Geregu Power, where his holdings increased significantly before subsequent transactions.

“I am on the same trajectory with First HoldCo Plc,” he said, adding that firm shareholder control, while respecting minority interests, remains an important ingredient in implementing reforms and restructuring businesses.

His comments come against the backdrop of a significant turnaround at First HoldCo following years of financial and governance challenges.

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Otedola said the group had undergone a major balance-sheet clean-up, including a one-off impairment of about ₦1.70 trillion, alongside an aggressive recapitalisation programme involving rights issues, private placements and strategic divestments.

The reforms, he said, were designed to address legacy exposures, strengthen governance and restore confidence among customers, investors and regulators.

By the first half of 2026, the results of the restructuring were becoming evident. First HoldCo reported a year-on-year increase of more than 83% in profit before tax to about ₦653.4 billion, while its return on average equity reached 30.4%.

Otedola said the turnaround was built around what he described as “People, Philosophy, and Process”, with emphasis on stronger leadership, clearer strategic direction and greater operational discipline.

He also linked the bank’s recovery to efforts to rebuild trust, arguing that trust remains fundamental to the banking business.

“Banking is fundamentally the business of trust,” Otedola said, noting that restoring confidence among depositors, investors and regulators was central to his vision for First HoldCo.

The chairman further disclosed that First HoldCo had already exceeded the Central Bank of Nigeria’s ₦500 billion minimum capital requirement and secured shareholder approval for an additional ₦253 billion capital raise, with the broader ambition of moving towards ₦1 trillion in paid-up capital.

The stronger financial position has also been reflected in the company’s market valuation. Otedola said First HoldCo’s share price had risen from ₦47.90 at the end of 2025 to more than ₦127 by late July 2026, representing a year-to-date increase of roughly 165%.

He attributed the rally partly to investor confidence in his leadership and continued investment, but also to the market’s recognition of the bank’s improving financial performance.

Looking ahead, Otedola said his ambition extends beyond restoring First HoldCo to profitability. He wants the institution to become a benchmark for financial services in Nigeria and eventually across Africa.

He described the next chapter of First HoldCo as one focused on sustained growth, stronger governance, deeper trust and lasting value for customers, employees and shareholders.

For Otedola, the investment therefore represents more than another corporate turnaround. It is a long-term bet on the ability of a 130-year-old institution to reinvent itself, strengthen its position in Nigeria’s financial system and emerge as a more competitive African financial services group.