As someone who has spent over three decades investing, building businesses, and navigating Nigeria’s economic cycles, I rarely comment publicly on policy. But there are moments when leadership must be acknowledged.
President Bola Ahmed Tinubu has shown remarkable courage and clarity in steering our country through difficult but necessary reforms.
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His bold sense of direction, guided by a deep understanding of our economy, has created the foundation for policies that are now being recognised across the world.
I have seen many administrations, but his conviction at this critical time deserves commendation.
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In that same spirit of boldness, the Central Bank Governor, Mr. Yemi Cardoso, has been nothing short of exceptional. The slowdown in the rate of inflation is proof of his disciplined return to orthodox monetary policy.
This is not theory; these are real results, visible in the gradual easing of pressure on households and businesses. I appreciate this because I know, from experience, how damaging policy inconsistency can be.
His reforms in the foreign exchange market have restored confidence that had long been missing. For the first time in years, the naira is strengthening on the back of market forces not artificial fixes.
To me, this is the most powerful signal that we are finally doing things the right way. The fact that our external reserves have climbed to a seven-year high above $46 billion is further evidence of his steady hand.
I am also impressed by the bold decision to recapitalise the banking sector. Some people criticised it early on, unnecessarily in my view, but today it is clear it was the right move.
Following the massive profits banks recorded in 2024, 2025 has rightly become a year of prudence and consolidation. This is the only way banks can support real sector lending and drive genuine economic growth next year.
From where I stand, and with the benefit of many years in Nigeria’s business landscape, I believe it is time to raise the minimum capital requirement for international banking licences from ₦500 billion to at least ₦1 trillion.
A modern economy aiming for the $1 trillion mark cannot rely on weakly capitalised banks. Stronger banks mean better governance, broader ownership, and institutions that are not run like personal estates, a problem we have lived with for far too long.
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FirstBank, the commercial banking arm of First HoldCo Plc, has met the ₦500 billion minimum capital base required by the Central Bank of Nigeria (CBN) for an international banking licence.
The shareholders of FirstHoldco are committed to injecting additional capital into its existing subsidiaries and new business adjacencies.
I say this without hesitation: Yemi Cardoso is the best Central Bank Governor Nigeria has ever produced. His calmness, discipline, and unwavering focus on doing what is right, not what is easy, reminds me of the kind of leadership any serious economy needs.
I encourage him (Mr Cardoso) to continue on this path. Nigeria is turning a corner, and those of us who believe in this country will continue to support the bold monetary reforms that are laying a stronger foundation for our future.
Femi Otedola
Chairman, First Holdco
2 January 2026
