First HoldCo Plc has confirmed that its flagship subsidiary, First Bank of Nigeria, has met the Central Bank of Nigeria’s minimum capital requirement of 500 billion naira, marking a major regulatory milestone for the group.
The achievement follows a combination of strategic capital actions, including a rights issue, a private placement and proceeds from the divestment of its merchant banking unit.
The move places FirstBank among lenders that have complied early with the CBN’s recapitalisation directive issued in March 2024, which gave banks a 24 month window to strengthen their capital base.
The News Chronicle gathered that the successful capital raise reflects strong investor confidence in FirstHoldCo’s long term strategy and positions the bank to expand lending to the real sector, deepen financial inclusion and scale its digital banking capabilities.
With a stronger balance sheet, the group says it is better equipped to pursue growth opportunities, invest in technology and improve earnings resilience across its operations. Plans are also underway to raise additional funding in 2026 to support existing subsidiaries and explore new business areas.
FirstHoldCo chairman Femi Otedola described the early completion as a vote of confidence from shareholders, while group managing director Wale Oyedeji said the strengthened capital base provides the financial muscle needed to drive innovation, improve returns and deliver sustainable value to stakeholders.
The development comes as regulators intensify efforts to reinforce stability across Nigeria’s banking sector.
