By Daniel Agbo
LAGOS, Nigeria — First HoldCo Plc announced Wednesday that its flagship commercial banking subsidiary, First Bank of Nigeria Ltd., has officially met the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion.
The milestone, achieved well before the regulator’s 24-month deadline, was confirmed in a statement by Olayinka Ijabiyi, Acting Group Head of Marketing and Corporate Communications at FirstBank.
Ijabiyi noted that the successful recapitalization was the result of several “strategic capital initiatives,” which included a Rights Issue, a Private Placement, and the divestment of the group’s merchant banking subsidiary.
“The successful capitalization reflects strong market confidence in FirstHoldCo’s business model, long-term vision, and growth prospects,” Ijabiyi said. “With a fortified capital base, FirstBank is positioned to accelerate real sector support, deepen financial inclusion, and deliver innovative, digitally driven customer experiences.”
The push for recapitalization follows a March 2024 directive from the CBN, which ordered commercial banks to bolster their capital to at least N500 billion to ensure greater stability within the Nigerian financial sector.
Femi Otedola, Chairman of First HoldCo, expressed gratitude to shareholders for their continued support throughout the process.
“Securing FirstBank’s capital base ahead of schedule positions us firmly for our next growth phase,” Otedola said, while also acknowledging the guidance provided by the CBN and the Securities and Exchange Commission (SEC).
The group’s leadership indicated that the new capital base is not just a regulatory finish line, but a foundation for future expansion. Group Managing Director Wale Oyedeji stated that the raise strengthens the execution of strategic priorities and the delivery of “lasting value” to stakeholders.
Looking forward, FirstHoldCo revealed plans to raise additional funding in 2026. This move is intended to inject further capital into its existing subsidiaries and explore new business adjacencies, aiming to enhance service offerings and support overall strategic growth.
