Business
BUSINESS PERSONS OF THE YEAR: Femi Otedola: The turnaround guru
Nearly five years after billionaire businessman and Group Chairman of First HoldCo Plc, Olufemi Peter Otedola, acquired a significant stake in First Bank of Nigeria Limited (FirstBank), the Tier-1 lender has re-emerged a market leader in the financial space. His tenure at the helms of the group has promoted corporate governance, secured depositors’ funds, cutting operational wastage, delivered strong returns to shareholders and refocused the top lender as a formidable grassroots bank ready to lift businesses and economy.
After divesting from Forte Oil Plc in 2021, Otedola invested N320 billion initial personal capital in FirstBank. Just last September, he further consolidated his control of the financial institution with the acquisition of an additional shares valued at N2.01 billion.
Despite initial resistance from previously entrenched board interests against his leadership, Otedola is pushing through with exceptional doggedness that is fast changing the fortunes of the top lender.
Bottomline turnaround
Demonstrating growth across all indicators, First HoldCo Plc recorded N2.6 trillion gross earnings in its unaudited results for the nine months ended September 30, 2025.
The performance is exceptionally higher than gross earnings of N427.397 billion recorded during same period of 2021, when Otedola took over the bank.
Under his leadership, First Holdco further reported N566. 54 billion 9-month pre-tax profit, far higher than N40.791 billion profit after tax reported for the nine months period of 2021. The share price soared from N11.70 in September 2021 to N31.05 as at November 26, 2025.
Besides, the group’s interest income and operating income grew by 40.4 per cent and 23.2 per cent year-on-year, respectively. The robust performance of the core business was supported by a 26.9 per cent rise in gross fees and commission income.
On loan extension, FirstBank has been directly involved in ensuring that its SMEs customers grow to add greater value to the economy as seen in its over N200 billion credit to the sector in 2024. The lending plan is expected to be surpassed this year.
The bank’s strategic risk management initiatives are already yielding positive results, as evidenced by an improvement in the non-performing loan ratio to 8.5 per cent even as it strives to exit the forbearance regime by year-end.
On recapitalisation, the first phase of FirstBank’s private placement capital raise has been successfully executed. The proceeds from the subsequent rounds of capital raising will be used to further enhance and broaden the bank’s innovative financial solutions and explore value accretive solutions.
To demonstrate commitment to e-payment space, FirstBank successfully integrated the Pan-African Payment and Settlement System (PAPSS) into its flagship digital banking platform, the LIT app, enabling customers to make instant, secure, and local currency-based cross-border payments across Africa. The PAPSS and FirstBank collaboration is enabling instant, low-cost payments in local currencies between African countries.
New state-of-the-art eco-friendly headquarters
Under Otedola’s leadership, FirstBank in March, 2025 conducted a ground-breaking ceremony for its new state-of-the-art eco-friendly headquarters at the Eko Atlantic, Lagos.
Situated in the heart of Eko Atlantic City, the iconic FirstBank headquarters complex – a 40-story edifice will become the tallest building in Nigeria and West Africa upon its completion. It represents a symbol of strength, embodying the progress the bank has made as an institution and reflecting its ambition to set new benchmarks in service delivery, operational efficiency and customer experience.
The new headquarters is not only a demonstration of its leadership position in the market, but the foresight and quality leadership of its current management. It continues to present FirstBank as a market leader, reinforcing its commitment to meeting customers’ needs.
For many customers of the bank, FirstBank is more than a lender, but an institution that has lifted businesses and supported economy during its several decades of operation.
Since, 1894 when FirstBank was established, it has remained at the forefront of Nigeria’s financial evolution, emerging as a trusted partner in the country’s economic transformation, weathering global disruptions, embracing innovation, and driving financial inclusion across all regions.
Most significantly, its journey under the current leadership is defined by resilience, adaptability and an unshakable commitment to customers.
Reaffirming his long-term vision for the group, Otedola said First Bank is not aiming for mere relevance but continental dominance. He outlined plans to strengthen the bank’s lending capacity, expand digital infrastructure, and scale international operations.
Overall, First HoldCo’s underlying metrics affirm its fundamental strength, resilience, and scalability of operations. The group under Otedola’s leadership is well-positioned to not only achieve its 2029 financial targets but to significantly enhance shareholder returns.
Analysts said Otedola’s decision to personally invest N320 billion in First Bank without debt reflects a major vote of confidence in Nigeria’s financial system, especially at a time when regulatory authorities are pushing for higher capital buffers and tighter governance standards.
Looking beyond First HoldCo
Beyond First Holdco, Otedola’s footprints in power sector are equally outstanding. Financial performance in Geregu Power Plc, where he is the Executive Chairman, showed a pre-tax profit of N11.151 billion, in the unaudited interim financial statements for the third quarter ended September 30, 2025. The performance represents an 82.47 per cent year-on-year growth.
Revenue for Q3, 2025 grew by 37.38 per cent to N43.834 billion year-on-year, pushing the nine-month revenue to N131.467 billion; about 96 per cent of the 2024 full-year total.
The company maintained solid profitability, with profit from core operations rising to N12.546 billion in Q3, representing an 89.98 per cent increase from N6.604 billion recorded in the same period last year.
Overall, Geregu Power’s Q3 2025 results highlight a resilient operation, marked by strong revenue growth and improved cost management.
Otedola is also the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance.
The mogul, born November 4, 1962 made his first fortune in commodities before selling his shares in Forte Oil to invest in the energy business. Forbes estimates his net worth at US$1.7 billion.
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