Tinubu Meets Otedola in Paris as Businessman Backs President’s Economic Reforms

President Bola Tinubu met billionaire businessman Femi Otedola at a private dinner in Paris on Monday, shortly before the President ended his extended working vacation in Europe and returned to Nigeria.

Otedola disclosed the meeting in a post on his X account on Tuesday, sharing a photograph of himself with Tinubu. He used the post to express support for the President’s economic policies and highlight what he described as gains from the administration’s reforms.

“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 cited the inclusion of Nigerian companies in the FTSE Russell Frontier 50 Index, developments on the Nigerian Exchange, increased foreign direct investment and what he described as renewed confidence in the economy. FirstHoldCo, chaired by Otedola, was among Nigerian companies included in the FTSE Frontier 50 Index effective September 21.

Otedola also pointed to what he called a more unified and stable foreign exchange market and placed Nigeria’s foreign reserves at about $55 billion. Recent reporting, however, put the reserves at $52.52 billion as of July 17, based on figures attributed to the Central Bank of Nigeria, making the $55 billion figure an assessment cited by Otedola rather than a figure independently established in the report.

“I remain proud of you, Mr. President!” Otedola added, publicly endorsing Tinubu’s economic direction. His comments came as the President’s extended stay abroad had drawn attention, particularly because Tinubu did not attend the 81st United Nations General Assembly in New York.

Tinubu left Abuja on August 30 for what the Presidency described as a working vacation, spending time in London before travelling to Paris. During the European trip, he met French President Emmanuel Macron, businessman Vincent Bolloré and other business figures before departing Paris for Lagos on Tuesday.

Tinubu arrived in Lagos later on Tuesday, ending his four-week stay in Europe. The Presidency said he would hold strategic meetings with political leaders and associates in Lagos before participating in Independence Day activities, including a planned October 1 premiere honouring late MKO Abiola.