Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has described Yemi Cardoso as the best Governor in the history of the Central Bank of Nigeria, citing what he called a disciplined return to orthodox monetary policy and bold reforms that are already restoring investors confidence.
Otedola, in a statement issued on Friday, also urged the apex bank to further strengthen Nigeria’s financial system by raising the minimum capital requirement for banks with international licences from ₦500 billion to at least ₦1 trillion.
His comments came as FirstBank of Nigeria, the flagship subsidiary of First HoldCo Plc, confirmed compliance with the CBN’s ₦500 billion minimum capital base under the ongoing banking sector recapitalisation programme.
According to Otedola, Nigeria’s aspiration to build a $1 trillion economy would remain elusive without a robust and well-capitalised banking system capable of financing large-scale, long-term investments.
“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,” he said. “A modern economy aiming for the $1 trillion mark cannot rely on weakly capitalised banks.”
He argued that stronger capital buffers would deepen corporate governance, broaden ownership structures and address the long-standing challenge of banks being operated as “personal estates,” rather than transparent institutions accountable to shareholders and regulators.
Under Cardoso’s leadership, the CBN in 2024 announced the first major recapitalisation of Nigerian banks in nearly two decades, a move designed to address inflationary pressures, exchange rate volatility and the need to position lenders to support bigger-ticket transactions in the real economy. The policy set ₦500 billion as the minimum capital threshold for international banks, with lower requirements for national and regional operators.
Otedola described the recapitalisation exercise as timely and unavoidable, noting that strong profits recorded by banks in 2024 should now give way to a period of prudence and consolidation.
“2025 has rightly become a year of prudence and consolidation,” he said, adding that only well-capitalised banks would be able to provide sustainable, long-term financing to critical sectors of the economy.
On FirstBank’s compliance, the businessman said shareholders remain committed to injecting additional capital into the group’s subsidiaries and expanding into new business adjacencies, reinforcing the institution’s position as Nigeria’s oldest bank with operations across Africa and other international markets.
Beyond the banking sector, Otedola praised President Bola Tinubu for what he described as courageous economic leadership, arguing that recent reforms are laying the groundwork for sustainable growth despite short-term pains.
“President Bola Ahmed Tinubu has shown remarkable courage and clarity in steering our country through difficult but necessary reforms,” he said, pointing to growing international recognition of Nigeria’s evolving policy direction.
Otedola reserved his strongest commendation for Cardoso’s handling of monetary policy, crediting him with restoring confidence in the foreign exchange market and helping to moderate inflation through a disciplined and predictable policy framework.
He cited the strengthening of the naira on market fundamentals and the rise in Nigeria’s external reserves to over $46 billion, a seven-year high, as clear indicators of renewed policy credibility.
“I say this without hesitation: Yemi Cardoso is the best Central Bank Governor Nigeria has ever produced,” Otedola declared. “His calmness, discipline and unwavering focus on doing what is right, not what is easy, is the kind of leadership any serious economy needs.”
He urged the CBN governor to remain steadfast, expressing confidence that Nigeria is turning a corner and that long-term investors will continue to back reforms aimed at building a stronger, more resilient economy.