FirstBank Surpasses ₦500 Billion Capital Requirement, Paving the Way for Future Growth
In a significant development for Nigeria’s banking sector, FirstHoldCo Plc has announced that its flagship commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion. This achievement comes after a series of strategic capital-raising initiatives, including a Rights Issue, a Private Placement, and proceeds from the divestment of the Group’s merchant banking subsidiary.
This milestone not only demonstrates the confidence of investors and the market but also underscores the strength of FirstHoldCo Group’s business model, long-term vision, and growth prospects. With its capital base now fortified, FirstBank is better positioned to bolster support for Nigeria’s real sector, promote financial inclusion, and deliver innovative, digitally-driven customer experiences.
The successful recapitalisation significantly enhances the Group’s overall financial resilience, creating a solid platform for future earnings growth through business expansion, technological innovation, and strategic opportunities.
In March 2024, the CBN mandated all commercial banks to raise their capital to at least ₦500 billion within a 24-month window to strengthen sector stability and capacity. FirstBank’s achievement of this target ahead of schedule highlights its proactive approach and commitment to regulatory compliance.
Looking ahead, FirstHoldCo has expressed its intention to raise additional funding and inject more capital into its existing subsidiaries and new business ventures in 2026. This strategic move aims to expand service offerings, foster innovation, and support the Group’s growth ambitions.
Commenting on this achievement, Mr. Femi Otedola, CON, Chairman of FirstHoldCo Plc, said:“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 resounding confidence in our strategic direction. Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”
Adding to this, Mr. Wale Oyedeji, Group Managing Director of FirstHoldCo Plc, remarked:
“This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core 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 our stakeholders.”