First HoldCo Plc has announced that its flagship commercial banking subsidiary, First Bank of Nigeria Limited has successfully met the Central Bank of Nigeria’s, CBN minimum regulatory capital requirement of ₦500 billion, well ahead of the stipulated deadline.
The Group said the milestone was achieved through a combination of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of its merchant banking subsidiary.
The successful recapitalisation places FirstBank among leading Nigerian banks that have complied with the CBN’s directive on capital strengthening.
In March 2024, the apex bank mandated commercial banks to raise their minimum capital base to ₦500 billion within a 24-month period as part of efforts to strengthen the stability, resilience, and capacity of the Nigerian banking sector.
FirstBank’s early compliance, according to FirstHoldCo, reflects strong investor confidence in the Group’s business model, long-term strategy, and growth prospects.
With an enhanced capital base, FirstBank is expected to scale up support for the real sector of the economy, deepen financial inclusion, and expand its delivery of innovative, digitally driven banking services.
The recapitalisation also strengthens the Group’s overall financial position, providing a solid platform for business expansion, earnings growth, and technological innovation.
In a related development, FirstHoldCo disclosed plans to raise additional funding in 2026, with the intention of injecting fresh capital into other subsidiaries within the Group as well as exploring new business adjacencies.
The move is aimed at further strengthening service delivery and supporting strategic growth across its operations.
Commenting on the achievement, Chairman of First HoldCo Plc, Mr. Femi Otedola, CON, expressed appreciation to shareholders for their support throughout the capitalisation process.
“From the oversubscribed Rights Issue to the seamless Private Placement, our investors have demonstrated strong confidence in our strategic direction.
Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions the Group for its next phase of growth,” Otedola said, while also acknowledging the guidance of the CBN and the Securities and Exchange Commission during the exercise.
Also speaking, the Group Managing Director of First HoldCo Plc, Mr. Wale Oyedeji, described the successful capital raise as a pivotal milestone for the Group.
According to him, the strengthened capital base provides the financial capacity to drive innovation, enhance customer value, and deliver sustainable profitability.
He added that the Group is focused on accelerating performance, improving competitive returns, and creating long-term value for all stakeholders.
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