The Digest:
Billionaire investor and First Bank Chairman Femi Otedola has commended President Bola Tinubu’s “deep economic understanding” while announcing that the bank has met the Central Bank’s N500 billion minimum capital requirement ahead of the March 2026 deadline. Otedola also called for even stricter regulations, proposing a N1 trillion capital base for international banking licenses.
Key Points:
- First Bank, the commercial arm of FBN Holdings, has achieved the CBN’s N500 billion capital threshold for an international license.
- Otedola praised the recapitalization policy as a “bold” move necessary for economic growth.
- He urged raising the minimum capital for international banks to N1 trillion to build stronger, more transparent institutions.
- The businessman lauded President Tinubu’s “remarkable courage and clarity” in navigating difficult reforms.
- He described CBN Governor Olayemi Cardoso as “the best Central Bank Governor Nigeria has ever produced,” citing forex reforms and rising external reserves.
- Otedola emphasized that stronger banks are essential to support real sector lending and drive a $1 trillion economy.
- His comments follow his recent N1.088 trillion sale of shares in Geregu Power Plc.
Sources: TheCable, Statement from Femi Otedola
