•Says lender’s turnaround has reset its governance, profitability
Emmanuel Addeh in Abuja
Billionaire investor and Chairman of First HoldCo Plc, Mr. Femi Otedola, has disclosed plans to increase his stake in the financial services group beyond 50 per cent, declaring that he has no intention of exiting the institution in the near future as he did with some of his previous investments.
In an interview with Nairametrics, Otedola said he had already committed more than N600 billion of his personal wealth to First HoldCo and remained convinced that the institution was on course for sustained growth following an extensive clean-up of its balance sheet, recapitalisation and governance reforms.
Otedola said his investment philosophy has always been to acquire controlling stakes in companies to enable him execute far-reaching reforms capable of delivering long-term value to shareholders. Otedola currently holds a 28.5 per cent stake in the group.
