FirstHoldCo Announces FirstBank Has Met ₦500bn CBN Capital Requirement
By The People’s Voice Nigeria News
First HoldCo Plc has announced that its flagship commercial banking subsidiary, First Bank of Nigeria Limited (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion, well ahead of the regulatory deadline.
The Group said the milestone was achieved through a combination of strategic capital-raising initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of its merchant banking subsidiary.
The successful recapitalisation is seen as a significant boost to FirstHoldCo’s financial strength and long-term growth strategy, reinforcing market confidence in the Group’s business model and governance framework.
With an enhanced capital base, FirstBank is expected to deepen its support for Nigeria’s real sector, expand financial inclusion, and scale up innovative, digitally driven banking solutions for customers.
The capital raise also strengthens the Group’s overall financial resilience, providing a solid foundation for earnings growth through business expansion, technology investment, and the exploration of new business opportunities.
In March 2024, the CBN directed commercial banks operating in Nigeria to increase their minimum capital base to ₦500 billion within a 24-month period as part of efforts to strengthen the stability and capacity of the banking sector. FirstBank’s compliance places it among early movers to meet the requirement.
In a related development, FirstHoldCo disclosed plans to raise additional funding in 2026, with the intention of injecting fresh capital into its existing subsidiaries and exploring new business adjacencies. The move, according to the Group, is aimed at enhancing service delivery and supporting strategic expansion.
Commenting on the development, Chairman of First HoldCo Plc, Mr. Femi Otedola, CON, expressed appreciation to shareholders for their support throughout the capitalisation process.
He said the successful completion of the exercise reflects strong investor confidence in the Group’s strategic direction and positions FirstBank for its next phase of growth, while also acknowledging the role of the CBN and the Securities and Exchange Commission (SEC) in providing regulatory guidance.
Also speaking, the Group Managing Director of First HoldCo Plc, Mr. Wale Oyedeji, described the capital raise as a pivotal milestone for the Group.
According to him, the strengthened capital position will enable FirstHoldCo to drive innovation, deliver greater customer value, improve competitive returns, and create sustainable value for shareholders and other stakeholders.
