The speaker, a major shareholder and leader at First Holdco Plc, the parent company of First Bank of Nigeria Limited, expresses unwavering confidence in the institution’s potential to regain its position as a leading financial force in Africa. This confidence stems from the recent 13th Annual General Meeting and the progress made towards revitalizing the historic bank, which, despite facing challenges like non-performing loans and corporate governance issues, retains significant untapped potential. The speaker highlights their personal commitment to this transformation, emphasizing a strategic and calculated approach rather than a mere gamble.
The speaker’s involvement began with a significant stake acquisition in 2021, a move that coincided with their planned retirement after successfully repositioning and selling Forte Oil Plc. Driven by a clear vision, they further solidified their commitment by acquiring additional shares and assuming a leadership role to steer FirstBank’s resurgence. This journey involves a substantial personal investment exceeding N320 billion in cash, demonstrating their belief in the bank’s future and the ongoing capital raise efforts, which they assure will meet Central Bank deadlines. This substantial personal investment is a testament to their belief in the revitalization strategy and the bank’s future prospects.
The speaker acknowledges the supportive environment fostered by President Bola Ahmed Tinubu’s economic reforms and Central Bank Governor Yemi Cardoso’s pragmatic policies, which have instilled renewed confidence in the financial system and encouraged long-term investments. They also commend the board of directors and management for their dedication to achieving the shared vision. Furthermore, the speaker expresses gratitude to FirstBank’s over 40 million customers for their unwavering loyalty, acknowledging their crucial role in the institution’s 130-year history of relevance and impact.
As an activist shareholder, the speaker’s mandate revolves around responsible financial stewardship, including curbing unnecessary expenditures, safeguarding depositors’ funds, delivering substantial returns to shareholders, and contributing positively to society and the environment. This involves enforcing stronger corporate governance measures across all aspects of the bank’s operations, from risk asset management and responsible lending to operational discipline and ethical leadership. The ultimate goal is to transform First Holdco Plc and its subsidiaries into a global standard for financial services, characterized by trust, proven performance, respect, and unparalleled service delivery, innovation, governance, and profitability.
The speaker envisions FirstBank not merely competing but dominating the African financial landscape within the next four years, achieving this not solely through asset size, but also through value creation, robust governance standards, and strategic impact. The strategy involves expanding lending activities, scaling digital infrastructure, and accelerating international expansion, with every subsidiary playing a vital role in delivering results. Drawing on past successes in revitalizing companies like Geregu Power Plc, the speaker expresses confidence in their ability to replicate this success with FirstBank, transforming it from a struggling institution into a value-generating powerhouse contributing significantly to the Nigerian economy.
This turnaround strategy is driven by a clear purpose and a long-term commitment to value investing. The speaker firmly believes that First Holdco Plc represents their best investment yet, highlighting the bank’s return to profitability and its aggressive pursuit of becoming the foremost financial institution in Africa. This confident declaration underscores their belief in the institution’s resilience, the effectiveness of the implemented strategies, and the unwavering commitment to achieving ambitious goals, ultimately restoring FirstBank to its former glory and solidifying its position as a dominant force in the African financial sector.
