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FirstHoldCo Plc has announced that First Bank of Nigeria (FirstBank) has successfully met the Central Bank of Nigeria’s (CBN) ₦500 billion capital requirement. This achievement positions the bank in compliance with the regulator’s directive well ahead of schedule.
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The milestone, well ahead of the March 2026 regulatory deadline, was secured through a series of capital initiatives. They include a Rights Issue, a Private Placement, and proceeds from a strategic divestment.
Capital Raise Demonstrates Strong Investor Confidence
The successful recapitalization underscores robust market confidence in FirstHoldCo’s business model and long-term strategy.
With this fortified capital base, FirstBank is positioned to increase lending to the real sector, deepen financial inclusion, and accelerate its digital banking initiatives.
The move significantly strengthens the group’s financial resilience and provides a platform for future earnings growth and expansion.
Ahead of Schedule: Fulfilling CBN’s 2024 Directive
In March 2024, the CBN mandated all commercial banks to raise their capital base to ₦500 billion within 24 months. The new financial baseline is expected to enhance the banking sector’s stability and capacity.
FirstBank’s achievement places it among the first institutions to comply ahead of schedule, reinforcing its leadership and financial strength.
Shareholders Commit to Future Capital for Group Expansion
In a forward-looking statement, FirstHoldCo revealed plans for a fresh capital raise in 2026.
The proceeds are intended to be injected into the group’s other subsidiaries and new business ventures, aiming to enhance service offerings and fund strategic expansion across its portfolio.
Leadership Hails Milestone and Strategic Positioning
“Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase,” said Mr. Femi Otedola, CON, Chairman of FirstHoldCo Plc. He thanked shareholders for their trust and the regulatory bodies for their guidance.
Mr. Wale Oyedeji, Group Managing Director, added that the capital provides the strength to drive innovation, deliver superior customer value, and enhance sustainable profitability for all stakeholders.
