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 regulatory capital requirement of ₦500 billion, well ahead of the stipulated deadline.
The Group said the milestone was achieved through a series of strategic capital-raising initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of its merchant banking subsidiary. The successful completion of these initiatives, it said, reflects strong investor confidence in FirstHoldCo’s business model, long-term strategy and growth outlook.
With its strengthened capital base, FirstBank is expected to scale up support for the real sector, deepen financial inclusion and enhance the delivery of innovative, digitally driven banking solutions to customers. The recapitalisation 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 opportunities.
In March 2024, the CBN directed commercial banks to raise their minimum capital base to ₦500 billion within a 24-month period as part of efforts to strengthen the stability and capacity of Nigeria’s banking sector. FirstBank’s early compliance with the directive positions the institution favourably ahead of the regulatory timeline.
FirstHoldCo further disclosed plans to raise additional funding in 2026, with the aim of injecting fresh capital into its existing subsidiaries and expanding into new business adjacencies. The move, according to the Group, underscores its commitment to long-term growth, service enhancement and strategic expansion.
Commenting on the development, 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 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,” Otedola said.
Group Managing Director of First HoldCo Plc, Mr. Wale Oyedeji, described the successful capital raise as a defining moment for the Group.
“This capitalisation marks a pivotal milestone for FirstHoldCo. It provides the financial strength required to execute our strategic priorities—driving innovation, delivering superior customer value and enhancing sustainable profitability. With this strong foundation, we are focused on accelerating performance, improving competitive returns and creating enduring value for all our stakeholders,” Oyedeji said.
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