He spoke at First HoldCo’s 13th annual general meeting (AGM) on Thursday in Lagos.

Otedola said the bank’s journey aligns with “the bold and visionary leadership” of President Bola Tinubu “who deserves credit for championing the tough but necessary reforms in our economy”.

He also lauded Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), for his “courageous and pragmatic” policy reforms.

In March, the bank of its capital raising exercise for a N150 billion rights issue, recording subscriptions totalling N187.6 billion — exceeding the initial target by over 25 percent.

Although no date was issued, First HoldCo disclosed plans for a second phase of a capital raising exercise, targeting about N350 billion through private placement.

Speaking at the AGM, the billionaire said the vision to reposition the firm started with the acquisition of a “significant” stake in 2021.

He said the acquisition was made when “I was planning to retire from corporate life with the sale of Forte Oil Plc (former African Petroleum), a company I successfully repositioned and sold in 2019”.

“The intentional drive to rebuild and reposition First Bank became emboldened by the acquisition of additional shares and assuming a leadership position to consolidate these objectives,” Otedola said.

“This was not a gamble, it was a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution. And this doesn’t stop here.

“I am willing to invest even more as we prepare for our next round of capital raise, following the resounding success and oversubscription of our recent offer.

“By the time we conclude the next phase of capital raise, I would have personally invested over N320 billion, all in cash, without borrowing a single Naira. I am very positive that we will raise the capital required well ahead of the Central Bank’s deadline… that, I can assure you.”

Otedola, also the chairman of Geregu Power Plc, also said Cardoso’s actions are restoring credibility to the financial system and giving investors the confidence to commit long-term capital to Nigeria.

“I must not also forget to recognise the immense contributions of the board of directors and management of the institution who have keyed into this overall vision and are dogged in their efforts in ensuring that it is actualised,” he said.

“We have remained relevant and impactful for over 130 years as a result of the unwavering commitment of our esteemed 40 million plus customers. I specially appreciate them.

“As an activist shareholder, my mandate is clear: curb excesses and wastages (no splurging on private jets, unchecked executive luxuries, etc) protect depositors funds, deliver strong returns to shareholders, and contribute meaningfully to the society /environment we serve and operate in.”

The businessman promised to continue to enforce stronger corporate governance from risk asset management to responsible lending, operational discipline, and ethical leadership.

Speaking about his vision for First HoldCo and its subsidiaries, he said the company will become the global standard for financial services in Nigeria and across the globe.

The mogul, describing the vision as “simple, but bold”, said his team intends to build a group that is trusted, tested, respected, and unmatched in service delivery, innovation, governance, and profitability.

“Let me say it again: First Bank will not just compete, it will dominate. Within the next four years, we will be one of Africa’s top banks, not just by asset size, but by value creation, governance standards, and strategic impact,” Otedola said.

“We will expand lending, scale our digital infrastructure, and accelerate international expansion with every subsidiary playing a pivotal role in delivering results.

I have done this before. I know what it means to fail, rise up, and win. I have revived companies that were considered dead and turned them into value-making machines.

“Geregu Power Plc is a testament to this, having revived and repositioned it from a moribund company to contributing 10% of Nigeria’s electricity consumption.

“First Bank is no different; it’s a turnaround with a purpose, and we are well on our way. I invest in value, I invest with conviction, and I stay the course. First Holdco Plc is my best bet yet. We are back. We are profitable.”

Otedola said the bank will remain on course in its aggressive pursuit of being the foremost financial institution in Africa.