Billionaire investor Femi Otedola, chairman of First HoldCo Plc, has unleashed a bold call for the Central Bank of Nigeria (CBN) to double the minimum capital requirement for international banking licences from ₦500 billion to at least ₦1 trillion.
Okay News reports that Otedola made the explosive proposal in a rare public statement praising President Bola Ahmed Tinubu‘s economic reforms and hailing CBN Governor Yemi Cardoso as the “best Central Bank Governor Nigeria has ever produced.”
He commended Tinubu’s courage in implementing tough but necessary policies, noting global recognition for the administration’s direction.
Otedola highlighted Cardoso’s disciplined return to orthodox monetary policy, crediting him for slowing inflation, stabilising the foreign exchange market, and rebuilding external reserves to a seven-year high above $46 billion.
The businessman described the naira’s strengthening through market forces as a powerful signal of correct policy direction.
He defended the ongoing banking sector recapitalisation, arguing it was criticised prematurely but has proven essential for supporting real-sector lending and sustainable growth.
Otedola contended that a Nigeria aspiring to a $1 trillion economy requires strongly capitalised banks with better governance and broader ownership, free from being treated as personal estates.
Meanwhile, FirstBank, the flagship subsidiary of First HoldCo Plc under Otedola’s leadership, has successfully met the CBN’s ₦500 billion threshold for an international banking licence.
Shareholders remain committed to injecting further capital into existing subsidiaries and exploring new business opportunities.
Otedola urged Cardoso to stay the course on bold reforms, affirming strong private-sector support as Nigeria turns an economic corner.
The statement underscores growing momentum behind deeper financial sector strengthening amid ongoing consolidation.
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