Femi Otedola, billionaire chairman of First HoldCo, has reaffirmed his long-term commitment to the group following a recent decline in the bank’s profitability and a drop in its share price to ₦41 from ₦45.
In a statement posted on his official X account on Tuesday, Otedola acknowledged that the ongoing restructuring of the institution has introduced short-term disruption but stressed that the process is necessary to strengthen the business and position it for sustainable growth.
“Rebuilding a long-established institution like FBN Holdings can bring some disruption, but it is part of strengthening the business,” Otedola said. “We are fixing what is not working and laying stronger foundations for the future.”
The billionaire investor described the current phase as a “new chapter” for the group, anchored on transparency, accountability, sustainability, and long-term value creation.
He added that his focus remains on building a world-class financial institution capable of delivering consistent value to shareholders over time.
“I remain fully focused on building a world-class financial institution, and my commitment to continue investing remains firm,” he said.
First HoldCo shares have faced recent pressure amid investor concerns over earnings performance and broader market sentiment toward the banking sector.
The stock has retreated from ₦45 to ₦41, reflecting a cautious outlook in the short term despite management’s ongoing reform agenda.
Otedola, who emerged as the dominant shareholder in First HoldCo in recent years, has consistently positioned his investment as a long-term strategic play rather than a short-term trade.
His latest statement is expected to reassure investors amid heightened scrutiny of the group’s financial performance and governance reforms.
Market participants will continue to monitor how the restructuring efforts translate into improved profitability, asset quality, and shareholder returns in the coming quarters.
