Chairman of First HoldCo Plc, Femi Otedola, has praised President Bola Tinubu’s economic reforms, saying they have positioned Nigeria for sustainable growth.
Otedola made the remarks in a post on X on Tuesday following a private dinner with Tinubu in Paris, France.
“At a private dinner in Paris yesterday evening with His Excellency, President Asiwaju Bola Ahmed Tinubu, whose bold and forward-thinking reforms have put our economy firmly on a path of sustainable growth,” Otedola wrote.
The businessman said the impact of the reforms was becoming more visible across several areas of the economy.
He cited Nigeria’s return to the FTSE Russell Frontier Market classification, gains recorded on the Nigerian Exchange, increased foreign direct investment and greater stability in the foreign exchange market as some of the developments.
Otedola also highlighted the country’s foreign reserves, which he said had risen to about $55bn.
“Top Nigerian companies now included on the FTSE Russell Frontier 50 Index, the NGX at historic highs, increased foreign direct investment and renewed economic confidence, a unified and more stable foreign exchange market, foreign reserves standing strong at about $55 billion, and so much more,” he said.
Tinubu has been in Europe since August 30, when he travelled from Nigeria to London for a working vacation before continuing to Paris.
While in France, the President held meetings with French President Emmanuel Macron and businessman Vincent Bollore, whose media interests include Canal+, Multichoice and Universal Music Group, according to the Presidency.
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The Presidency had also announced that Tinubu extended his working vacation by a few days and was expected to return to Nigeria at the weekend.
Otedola became chairman of First HoldCo Plc in January 2024 and remains the company’s largest shareholder. He has continued to increase his stake in the financial services group, which is described as Nigeria’s oldest financial institution.
In July, Otedola, through his company Calvados Global Services Limited, purchased about 1.78 billion First HoldCo shares valued at N222.2bn, according to a regulatory disclosure.
First HoldCo was one of six Nigerian companies added to the FTSE Frontier 50 Index, with the inclusion taking effect on September 21.
Reacting to the development at the time, Otedola described the company’s inclusion in the index as a “defining milestone” for the financial services group.