By ebosele@hotmail.com. —
First HoldCo Plc has announced that its commercial banking subsidiary, First Bank of Nigeria Limited (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion.
The milestone was achieved through a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.
According to the Group, the successful recapitalisation reflects strong investor confidence in FirstHoldCo’s business model, long-term strategy, and growth prospects. With an enhanced capital base, FirstBank is well positioned to deepen support for the real sector, expand financial inclusion, and deliver innovative, digitally driven customer experiences.
The strengthened capital position 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 opportunities.
In March 2024, the CBN directed commercial banks to raise their minimum capital base to ₦500 billion within a 24-month window to strengthen the stability and capacity of the Nigerian banking sector. FirstBank has now met this requirement well ahead of the regulatory deadline.
In a related development, FirstHoldCo disclosed plans to raise additional funding in 2026 to further capitalise its existing subsidiaries and invest in new business adjacencies, as part of its strategy to enhance service offerings and drive strategic expansion.
Commenting on the achievement, Chairman of First HoldCo Plc, Mr. Femi Otedola, CON, expressed appreciation to shareholders for their support throughout the capitalisation programme.
“On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated strong confidence in our strategic direction. Achieving FirstBank’s capital requirement ahead of schedule positions us firmly for the next phase of growth,” he said, while also acknowledging the guidance of the CBN and the Securities and Exchange Commission (SEC).
Also speaking, the Group Managing Director of First HoldCo Plc, Mr. Wale Oyedeji, described the capital raise as a defining milestone for the Group.
“This successful recapitalisation provides the financial strength to execute our strategic priorities—driving innovation, delivering superior customer value, and enhancing sustainable profitability. With this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all stakeholders,” Oyedeji stated.
