First HoldCo Plc has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has met the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500 billion.
The holding company disclosed this in a press statement, noting that the milestone was achieved through a combination of capital initiatives, including a Rights Issue, a Private Placement and proceeds from the divestment of its merchant banking subsidiary.
According to FirstHoldCo, the completion of the recapitalisation positions FirstBank to expand support for the real sector, strengthen financial inclusion efforts and improve its digital banking offerings.
The Group said the exercise has also reinforced its overall financial position, creating room for business expansion, technology-driven growth and the pursuit of new opportunities.
In March 2024, the CBN directed commercial banks to increase their capital base to a minimum of N500 billion within 24 months as part of measures to strengthen the stability of the banking sector.
FirstHoldCo said FirstBank has met the requirement ahead of the regulatory deadline.
The company also revealed plans to raise additional funding in 2026 to inject more capital into its other subsidiaries and new business areas.
Commenting on the development, Femi Otedola, chairman of First HoldCo Plc, thanked 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 resounding confidence in our strategic direction,” he said.
Otedola added that meeting the capital requirement ahead of schedule reflects the Group’s commitment and acknowledged the role of the CBN and the Securities and Exchange Commission in guiding the process.
Also speaking, Wale Oyedeji, group managing director of First HoldCo Plc, described the capital raise as a key milestone for the Group.
“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,” Mr Oyedeji said.
He added that the Group is focused on improving performance and delivering value to stakeholders on the back of the strengthened capital base.
