First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) ₦500 billion minimum capital requirement. This achievement comes ahead of the regulatory deadline and marks a significant milestone in strengthening the Group’s financial resilience.
The accomplishment was made possible through a series of strategic initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary. These capital measures reflect strong market confidence in FirstHoldCo’s business model, long-term strategy, and growth trajectory.
“With this robust capital base, FirstBank is well-positioned to accelerate support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences,” the Group stated in a press release.
The recapitalisation not only consolidates FirstBank’s financial strength but also provides a solid platform for earnings growth, expansion into new business opportunities, and technological innovation. Analysts note that this strategic move will further cement FirstHoldCo’s competitive edge in Nigeria’s banking sector.
The CBN’s directive, issued in March 2024, required all commercial banks to raise their capital base to a minimum of ₦500 billion within a 24-month window to enhance sector stability and capacity. FirstBank has met this target well ahead of schedule, showcasing its financial discipline and operational efficiency.
Looking forward, FirstHoldCo has indicated its intention to raise additional funding and inject more capital into the Group’s subsidiaries and new business adjacencies in 2026. This forward-looking strategy aims to expand service offerings and support strategic growth initiatives across the Group.
Mr. Femi Otedola, CON, Chairman of FirstHoldCo Plc, commented on the milestone:
“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.”
Mr. Wale Oyedeji, Group Managing Director of FirstHoldCo Plc, added:
“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.”
Industry experts say the recapitalisation underscores FirstBank’s commitment to regulatory compliance, financial stability, and strategic growth, positioning it to support Nigeria’s economic development while delivering value to shareholders and customers alike.
FirstBank of Nigeria, a subsidiary of FirstHoldCo Plc, has successfully met the CBN ₦500 billion minimum capital requirement ahead of schedule. Shareholders pledge additional funding to support group-wide expansion, financial inclusion, and innovation in 2026.
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