Reported by Simon Daniel Yusuph l Journalist at Weng Global
President Bola Ahmed Tinubu hosted businessman and First HoldCo Plc Chairman Femi Otedola at a private dinner in Paris, France, on Monday as the Nigerian president continued his extended working vacation in Europe.
Otedola disclosed the meeting in a post on his official X account on Tuesday, September 29, sharing a photograph of himself with Tinubu and describing the gathering as a private dinner.
The businessman used the post to express his support for Tinubu’s economic policies, pointing to developments in Nigeria’s financial markets, foreign investment and foreign-exchange environment as what he described as evidence of progress under the administration.
The meeting comes as Tinubu’s extended stay outside Nigeria has continued to attract public and political attention, particularly following his decision not to personally attend the 81st United Nations General Assembly in New York.
Otedola Highlights Economic Indicators
In his account of the dinner, Otedola said Tinubu’s reforms had placed the Nigerian economy on what he described as a path of sustainable growth.
He cited the inclusion of Nigerian companies in the FTSE Russell Frontier 50 Index, what he described as historic highs on the Nigerian Exchange, increased foreign direct investment and renewed economic confidence.
Otedola also referred to what he characterised as a more stable foreign-exchange market and put Nigeria’s foreign reserves at about $55 billion.
He concluded his message by expressing his continued support for the President.
Those statements represent Otedola’s assessment of the administration’s economic record and should be distinguished from independently verified economic data.
The meeting itself was independently reported by Nigerian media, while Otedola’s comments were published directly from his own social-media account.
Tinubu’s Extended Stay in France
Tinubu left Nigeria on August 30 for what the Presidency initially described as a three-week working vacation.
He travelled first to London before moving to Paris, where he held a series of meetings, including engagements with French President Emmanuel Macron and businessman Vincent Bolloré.
The State House confirmed Tinubu’s September 18 meeting with Bolloré in Paris, saying discussions covered potential investment and greater localisation of operations in Nigeria’s creative and digital economy.
The Presidency also confirmed that Macron hosted Tinubu for a private dinner at the Élysée Palace during the President’s stay in France.
On September 21, the Presidency announced that Tinubu had extended his working vacation by a few days.
The revised schedule subsequently indicated that he would return to Nigeria through Lagos on Tuesday, September 29, ahead of the country’s 66th Independence anniversary on October 1.
The Presidency said the President would participate in anniversary activities and attend the premiere of a documentary on the late democracy figure Moshood Kashimawo Olawale Abiola.
Otedola’s Business Background
Otedola is a prominent Nigerian businessman and chairman of First HoldCo Plc, the financial services group that emerged from the restructuring of First Bank’s holding company structure.
His business interests have included energy, financial services and investments.
His public comments on Nigeria’s economy have also increasingly focused on the country’s energy reforms and the development of domestic refining capacity.
In previous statements, Otedola has supported aspects of the Tinubu administration’s economic reforms, including the deregulation of the downstream petroleum sector.
His latest comments therefore continue an established pattern of public support for some of the administration’s economic policies.
However, his assessment remains a viewpoint from a private-sector stakeholder rather than an official government assessment or an independent economic evaluation.
What the FTSE Russell Development Means
One of the developments cited by Otedola was the presence of Nigerian companies in the FTSE Russell Frontier 50 Index.
The index tracks companies across frontier markets and is used by investors as one benchmark for assessing listed companies in developing markets.
The inclusion of Nigerian companies can increase international visibility for the affected firms and may attract attention from investors that follow frontier-market indices.
However, inclusion in an index by itself does not establish that the wider Nigerian economy has achieved broad-based improvement.
Economic performance is measured through a wider range of indicators, including inflation, employment, output, investment, exchange-rate conditions, government finances and household purchasing power.
Otedola’s comments therefore provide one business-sector perspective on the reforms, while the broader economic picture requires examination of official statistics and independent economic analysis.
Nigeria’s Foreign-Exchange Market Remains a Key Issue
Otedola also highlighted developments in Nigeria’s foreign-exchange market.
The foreign-exchange market has been one of the central areas of the Tinubu administration’s economic reforms since the government removed major restrictions surrounding the naira in 2023.
The reforms were designed to reduce distortions in the foreign-exchange market and allow market forces to play a greater role in determining the value of the currency.
The changes have also generated significant economic consequences for businesses and households, including higher costs for imported goods and services during periods of naira weakness.
Otedola’s reference to greater stability therefore comes within a broader debate about whether the reforms are producing the intended long-term improvements while managing their short-term effects.
Tinubu’s Absence From UN General Assembly
The Paris dinner also occurred against the backdrop of Tinubu’s absence from the 81st United Nations General Assembly.
Vice President Kashim Shettima represented Nigeria at the gathering in New York and delivered the country’s national statement.
The Presidency has defended the arrangement, saying Tinubu remained engaged with government affairs while abroad and that the Vice President was acting with the President’s mandate.
Special Adviser to the President on Information and Strategy Bayo Onanuga said on September 27 that Tinubu was expected to return to Nigeria during the week.
The administration has maintained that modern communications technology allows the President to continue directing government business while outside Abuja.
Opposition figures, however, have criticised the prolonged absence and questioned aspects of the President’s decision not to personally attend the UN gathering.
Those criticisms are political claims and should be distinguished from the confirmed fact that Shettima represented Nigeria at the UNGA.
Paris as a Centre of Economic Engagement
Tinubu’s extended stay in Paris has also involved several economic and diplomatic engagements.
The State House said the President met Bolloré to discuss expanded investment in Nigeria’s creative and digital economy.
The government later said Tinubu attended a Paris ceremony where the Ogun State Government and DP World signed memoranda of understanding relating to the proposed Ogun State Blue Marine Special Economic Zone and Gateway Deep Seaport.
At that event, the President told investors that the Federal Government would continue working to provide regulatory clarity, policy stability and a predictable business environment.
These engagements have formed part of the Presidency’s explanation that the President’s European stay has included official work alongside his vacation.
Why the Tinubu-Otedola Meeting Matters
The meeting is notable because Otedola is an influential private-sector figure whose businesses operate within sectors affected by government economic policies.
His public endorsement of aspects of Tinubu’s reforms provides an example of support from a major Nigerian business figure.
At the same time, his assessment does not represent the position of Nigeria’s entire business community.
Different companies, investors, workers and households can experience the effects of economic reforms differently depending on their exposure to exchange rates, interest rates, energy costs, taxation, imports and domestic demand.
For that reason, the significance of the dinner extends beyond the personal meeting between two prominent Nigerians. It also illustrates the continuing interaction between the Federal Government’s economic programme and influential private-sector stakeholders.
What Happens Next
Tinubu is expected to return to Nigeria through Lagos as the country prepares to mark its 66th Independence anniversary on October 1.
The President is also expected to participate in anniversary-related activities, including the premiere of a documentary commemorating MKO Abiola.
The government will continue to face scrutiny over the implementation and effects of its economic reforms, including monetary and foreign-exchange policies, investment conditions and efforts to attract capital into Nigeria.
For Otedola, his latest public comments indicate continued support for the administration’s economic direction.
Whether the reforms produce sustained improvements across the wider economy will ultimately depend on developments in economic output, investment, inflation, employment, exchange-rate conditions and living standards, rather than on individual endorsements alone.
The Paris dinner therefore provides a timely snapshot of the relationship between political leadership and business stakeholders as Nigeria continues to navigate a major period of economic policy change.
Weng Global – stories beyond borders
Sources:
The State House, Abuja
Punch Newspapers
The Sun Nigeria
Channels Television
Voice of Nigeria
