First Bank of Nigeria Limited, the commercial banking subsidiary of First HoldCo Plc, has met the Central Bank of Nigeria’s ₦500 billion minimum capital requirement ahead of the regulatory deadline.
The Acting Group Head of Marketing and Corporate Communications, Olayinka Ijabiyi, disclosed this in a statement issued on Wednesday.
Ijabiyi said the bank achieved the capital threshold through a combination of a rights issue, private placement, and proceeds from the divestment of its merchant banking subsidiary.
According to him, the successful recapitalisation underscores strong investor confidence in the group’s business model and long-term growth prospects.
“With a fortified capital base, FirstBank is well positioned to scale support for the real sector, deepen financial inclusion, and deliver innovative, digitally driven customer experiences,” he said.
He added that the strengthened capital base enhances the bank’s financial resilience and provides a solid platform for sustainable earnings growth through expansion, technology investment, and new business opportunities.
Ijabiyi recalled that in March 2024, the Central Bank of Nigeria directed commercial banks to increase their minimum capital base to ₦500 billion within 24 months to strengthen the stability of the financial system, noting that FirstBank has now met the requirement ahead of schedule.
He also disclosed that First HoldCo plans to raise additional capital in 2026 to further support its subsidiaries and fund new business lines.
Commenting on the development, Chairman of First HoldCo, Femi Otedola, thanked shareholders for their confidence and support throughout the recapitalisation process.
“Meeting FirstBank’s capital requirement ahead of schedule firmly positions the group for its next phase of growth,” Otedola said, while also acknowledging the guidance and oversight of the Central Bank of Nigeria and the Securities and Exchange Commission.
Group Managing Director, Wale Oyedeji, said the capital raise would strengthen the execution of the group’s strategic priorities and enhance the delivery of long-term value to stakeholders.
NAN
