FirstBank Meets CBN’s ₦500bn Minimum Capital Requirement Ahead of Deadline
First HoldCo Plc has announced that its flagship commercial banking subsidiary, First Bank of Nigeria Limited (FirstBank), has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement of ₦500 billion, well ahead of the regulatory deadline.
The Group said the milestone followed the successful execution of a series of strategic capital-raising initiatives, including a Rights Issue, a Private Placement, and the deployment of proceeds from the divestment of its merchant banking subsidiary.
According to First HoldCo, the successful recapitalisation reflects strong investor confidence in the Group’s business fundamentals, long-term strategy and growth outlook. With an enhanced capital position, FirstBank is expected to deepen its support for the real sector of the Nigerian economy, expand financial inclusion and scale up digitally driven banking solutions.
The strengthened capital base also improves the Group’s overall financial resilience, creating a solid platform for earnings growth through business expansion, technological innovation and the pursuit of new strategic opportunities.
In March 2024, the CBN directed commercial banks to raise their minimum capital base to ₦500 billion within a 24-month period as part of broader reforms to enhance the stability and capacity of Nigeria’s banking sector. FirstBank’s achievement places it among institutions that have complied with the directive well ahead of schedule.
In a related development, First HoldCo disclosed plans to raise additional funding in 2026, with the aim of injecting fresh capital into its existing subsidiaries and exploring new business adjacencies to support future growth and service enhancement.
Commenting on the development, Chairman of First HoldCo Plc, Mr. Femi Otedola, expressed appreciation to shareholders for their support throughout the capitalisation exercise.
“On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated strong confidence in our strategic direction,” he said.
Mr. Otedola noted that meeting the capital requirement ahead of time underscores the Group’s collective commitment and positions FirstBank for its next phase of growth, while also acknowledging the guidance of the CBN and the Securities and Exchange Commission (SEC) during the process.
Group Managing Director of First HoldCo Plc, Mr. Wale Oyedeji, described the capital raise as a critical milestone for the Group’s long-term ambitions.
“This successful capital raise provides us with the financial strength to execute our core strategic priorities—driving innovation, delivering superior customer value and enhancing sustainable profitability,” he said, adding that the Group is focused on accelerating performance, improving competitive returns and delivering long-term value to stakeholders.
