…Tinubu's deep understanding of the economy is reflected in recent developments- Otedola
…CBN's promotion to increase banks' capital to N1trn
…see Cardoso as the best CBN governor ever
As someone who has spent more than three decades investing, building businesses, and navigating Nigeria's economic cycles, I rarely comment publicly on policy. But there are also moments when leadership must be acknowledged.
President Bola Ahmed Tinubu has shown remarkable courage and clarity in leading our country through difficult but necessary reforms. His bold sense of direction, guided by a deep understanding of our economy, has laid the foundation for policies that are now recognized around the world. I have seen many administrations, but their conviction at this critical time deserves appreciation.
In the same spirit of boldness, the Governor of the Central Bank, Yemi Cardoso, has been nothing short of extraordinary. The slowdown in inflation rates is evidence of his disciplined return to conservative monetary policy. This is not a theory; These are real results, which are 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 was missing for a long time. For the first time in years, the Naira is strengthening not because of artificial reforms, but on the back of market forces. To me, this is the most powerful sign that we are finally doing things right. The fact that our foreign reserves have reached a seven-year high of over $46 billion is further evidence of his steady hand.
Also read: FirstBank demonstrates effective asset and liability management with Eurobond redemption
I am also impressed by the bold decision to recapitalize the banking sector. I think some people initially criticized it unnecessarily, but today it is clear that it was the right move. After the huge profits recorded by banks in 2024, 2025 truly looks to be a year of prudence and consolidation. This is the only way banks can support lending to the real sector and drive real economic growth next year.
From where I stand, and with many years of leverage in Nigeria's business landscape, I believe the time has come to increase the minimum capital requirement for an international banking license from ₦500 billion to at least ₦1 trillion. A modern economy aiming for $1 trillion cannot rely on poorly capitalized banks. Stronger banks mean better governance, broader ownership, and institutions that are not run like individual assets, a problem we have been living with for too long.
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 license. FirstHoldCo's shareholders have committed to inject additional capital into its existing subsidiaries and new business adjacent companies.
I say this without hesitation: Yemi Cardoso is the best Central Bank Governor Nigeria has ever had. His calmness, discipline and unwavering focus on doing what's right, not what's easy, reminds me of the kind of leadership that any serious economy needs.
I encourage them to move forward on this path. Nigeria is at an inflection point, and those of us who believe in this country will continue to support bold monetary reforms that are laying a strong foundation for our future.
