FirstHoldCo has confirmed that FirstBank has met CBN’s ₦500bn Capital Requirement and signalled a fresh funding plans for subsidiaries.
NaijaOnPoint Nigeria reports that 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) ₦500 billion minimum capital requirement, following the completion of key capital-raising initiatives.
The Group said the milestone was achieved through a combination of a Rights Issue, Private Placement, and the injection of proceeds from the divestment of its merchant banking subsidiary, positioning FirstBank well ahead of the regulatory deadline.
The successful recapitalisation reflects strong investor confidence in FirstHoldCo’s business model, long-term strategy, and growth outlook. With a strengthened capital base, FirstBank is expected to scale up support for the real sector, deepen financial inclusion, and roll out more innovative, digitally driven banking solutions.
According to the Group, the capital boost also enhances its overall financial resilience, creating a solid platform for sustainable earnings growth through business expansion, technology investments, and new market opportunities.
In March 2024, the CBN directed commercial banks to raise their minimum capital base to ₦500 billion within 24 months to strengthen the stability and capacity of Nigeria’s banking sector. FirstBank’s early compliance places it among the leading institutions to meet the requirement ahead of schedule.
In a related development, FirstHoldCo disclosed plans to raise additional funding in 2026, with shareholders committing to inject more capital into the Group’s existing subsidiaries and explore new business adjacencies as part of its expansion strategy.
Reacting to the achievement, Chairman of FirstHoldCo Plc, Mr. Femi Otedola, CON, expressed appreciation to shareholders and regulators for their support throughout the process.
“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. Securing FirstBank’s capital base ahead of schedule positions us firmly for our next growth phase,” Otedola said.
He also acknowledged the professional guidance of the CBN and the Securities and Exchange Commission (SEC) during the recapitalisation exercise.
Similarly, Group Managing Director of FirstHoldCo Plc, Mr. Wale Oyedeji, described the capital raise as a major milestone for the Group.
“This successful capitalisation provides the financial strength needed to drive innovation, deliver superior customer value, and enhance sustainable profitability. With this solid foundation, we are focused on accelerating performance, improving competitive returns, and creating lasting value for all stakeholders,” Oyedeji stated.