Billionaire businessman and First HoldCo Plc Chairman Femi Otedola has publicly backed President Bola Ahmed Tinubu’s economic reforms after meeting the President in Paris, France, as opposition politician Omoyele Sowore alleged that Tinubu is receiving medical treatment in the country.
Otedola disclosed the meeting in a post on X on Tuesday, September 29, 2026, following a private dinner with Tinubu on Monday.
The businessman said Tinubu’s “bold and forward-thinking reforms” had placed Nigeria’s economy “firmly on a path of sustainable growth.”
Otedola cited Nigeria’s foreign reserves, developments in the capital market, increased foreign direct investment and greater stability in the foreign exchange market as signs of progress.
He also pointed to the inclusion of Nigerian companies in the FTSE Russell Frontier 50 Index and the recent performance of the Nigerian Exchange.
“I remain proud of you, Mr. President!” Otedola wrote.
The comments came amid renewed attention to Tinubu’s prolonged stay in France, which has generated competing claims over the reason for his absence from Nigeria.
On Monday, September 28, Sowore alleged during an appearance on Arise Television’s Prime Time that Tinubu was hospitalised in France and receiving medical treatment.
Sowore said his information came from sources he considered reliable but did not provide publicly verifiable medical evidence to substantiate the claim. 9News Nigeria reported the allegation on September 28.
The Presidency has maintained that Tinubu was in Europe on a working vacation and continued to perform his official duties while abroad. The President had also been in Paris for engagements including a private dinner with French President Emmanuel Macron on September 17, according to the State House.
Tinubu’s extended absence also prompted the African Action Congress, led by Sowore, to file a suit at the Federal High Court in Abuja over the President’s failure to transmit a formal declaration transferring power to Vice President Kashim Shettima during his European vacation. Premium Times reported on September 28 that the suit was filed by the AAC’s National Legal Adviser, Inibehe Effiong.
Meanwhile, Otedola’s reference to Nigeria’s foreign reserves is consistent with recent Central Bank of Nigeria data. CBN Governor Olayemi Cardoso said gross external reserves stood at $55.25 billion as of September 18, 2026, the highest level in 18 years and sufficient to finance about 11.3 months of imports.
The CBN also reported that Nigeria’s current-account surplus rose to $7.54 billion in the second quarter of 2026 from $4.49 billion in the first quarter, while the balance-of-payments surplus increased to $3.51 billion from $2.38 billion.
Otedola’s endorsement therefore comes as Tinubu’s economic record and extended stay in France remain subjects of public debate, with the businessman highlighting improvements in key economic indicators while Sowore continues to question the official account of the President’s stay abroad.
