Nigerian business titan Femi Otedola is championing a bold vision for his country's financial sector, urging regulators to dramatically increase banking capital requirements to fortify Africa's largest economy.

In a powerful statement released Friday, Otedola praised President Bola Tinubu and Central Bank Governor Yemi Cardoso for their courageous economic reforms, while simultaneously calling for a significant upgrade to banking infrastructure. The billionaire investor specifically recommended raising minimum capital for international banking licenses from ₦500 billion to at least ₦1 trillion, arguing that such a move is essential for Nigeria's ambition to become a trillion-dollar economy.

FirstBank of Nigeria Limited, a commercial banking subsidiary of First HoldCo Plc, has already demonstrated leadership by successfully meeting the current ₦500 billion capital requirement. Otedola emphasized that stronger capital buffers would improve governance, expand ownership structures, and prevent banks from being operated as personal fiefdoms.

The Central Bank's 2024 recapitalization initiative represents the first major banking sector restructuring in nearly two decades. This strategic move responds to challenging economic conditions including inflationary pressures and currency volatility, with the ultimate goal of positioning Nigerian banks to finance larger economic transactions.

Otedola's endorsement extends beyond banking reforms. He praised President Tinubu's economic leadership, highlighting the administration's tough but necessary reforms as foundational to sustainable national growth. The businessman was particularly effusive about Central Bank Governor Cardoso, calling him 'the best Central Bank Governor Nigeria has ever produced' and commending his disciplined approach to monetary policy.

Key economic indicators support Otedola's optimism. Nigeria's external reserves have risen to over $46 billion – a seven-year high – and the naira is showing signs of strengthening based on market fundamentals. These developments suggest that the current economic leadership is making strategic, impactful decisions.

Looking forward, Otedola remains bullish about Nigeria's economic potential. He urged the Central Bank to maintain its current policy trajectory, expressing confidence that investors who believe in the country will continue supporting reforms aimed at building a more resilient economic ecosystem.