FirstHoldCo Announces FirstBank Meets ₦500bn CBN Capital Requirement Ahead of Deadline

FirstHoldCo Announces FirstBank Meets ₦500bn CBN Capital Requirement Ahead of Deadline

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) minimum capital requirement of ₦500 billion, well ahead of the regulatory deadline.

The Group disclosed that the milestone was achieved through a combination of strategic capital-raising initiatives, including a Rights Issue, a Private Placement, and proceeds from the divestment of its merchant banking subsidiary.

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 enhance delivery of innovative, digitally driven banking services.

The development also reinforces the Group’s overall financial resilience, providing a solid platform for earnings growth through business expansion, technological advancement, and the pursuit of new business opportunities.

In March 2024, the CBN directed commercial banks to raise their minimum capital base to ₦500 billion within 24 months as part of efforts to strengthen the stability and capacity of Nigeria’s banking sector. FirstBank has now completed this requirement significantly ahead of the deadline.

In a related move, FirstHoldCo revealed plans to raise additional capital in 2026, with the intention of injecting fresh funds into its existing subsidiaries and exploring new business adjacencies. The initiative, according to the Group, is aimed at enhancing service delivery and supporting 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 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,” Otedola said.

He added that achieving the capital requirement ahead of schedule positions the Group for its next phase of growth, while also acknowledging the guidance of the CBN and the Securities and Exchange Commission (SEC) during the process.

Also speaking, the Group Managing Director of First HoldCo Plc, Mr. Wale Oyedeji, described the capital raise as a major milestone for the Group.

“This successful capital raise provides us with the financial strength to execute our strategic priorities, including driving innovation, delivering superior customer value, and enhancing sustainable profitability,” Oyedeji said.

He noted that with a solid capital foundation, the Group is focused on accelerating performance, improving competitive returns, and delivering long-term value to shareholders and other stakeholders.