FirstBank meets N500bn recapitalisation

First Bank of Nigeria (FirstBank) has joined the list of lenders that have successfully met the Central Bank of Nigeria (CBN’s) minimum capital requirement of N500 billion. The parent company of the bank, First HoldCo Plc disclosed this in a statement, saying the milestone was achieved following the completion of a series of strategic capital […]

First Bank of Nigeria (FirstBank) has joined the list of lenders that have successfully met the Central Bank of Nigeria (CBN’s) minimum capital requirement of N500 billion.

The parent company of the bank, First HoldCo Plc disclosed this in a statement, saying the milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

Daily Trust reports that this is coming less than three months to the deadline set by the Apex Bank.

So far, over 20 lenders have met the new requirements through various initiatives to shore up their capital base.

FirstHoldCo said the successful capitalisation underscores strong market confidence in the group’s business model, long-term strategy, and growth prospects.

It said, “With a fortified capital base, FirstBank is positioned to accelerate its support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences.

“The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.”

In a related development, FirstHoldCo has expressed its desire to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026.

This forward-looking commitment is aimed at further enhancing service offerings and facilitating strategic expansion.

Commenting on the achievement, Mr. Femi Otedola, Chairman of First HoldCo Plc, lauded the shareholders for their trust and unwavering support throughout the 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 was quoted in the statement.

On his part, Group Managing Director of First HoldCo Plc, Mr. Wale Oyedeji, said, “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.”