First HoldCo Plc has announced that its commercial banking subsidiary, First Bank of Nigeria (FBN), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion, following the completion of strategic capital-raising initiatives, including a Rights Issue, a Private Placement, and proceeds from the divestment of its merchant banking subsidiary.
By combining strategic oversight with a commitment to innovation and integrity, it enable subsidiaries to deliver superior solutions and service. Every facet of the business is driven by a vision to generate lasting stakeholder value through responsible, high-performance growth.
This successful capitalisation underscores strong market confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects. 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 re capitalisation 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 March 2024, the CBN directed commercial banks to raise their capital base to a minimum of N500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity. FirstBank has now fulfilled this requirement well ahead of the regulatory deadline.
In a related development, FirstHoldCo have 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 milestone, the Chairman of First HoldCo Plc, Mr. Femi Otedola, CON, expressed appreciation to shareholders for their confidence and steadfast support throughout the capitalisation process. He noted that the success of the oversubscribed Rights Issue and the smooth Private Placement reflected strong investor belief in the Group’s strategic vision, adding that achieving the capital requirement ahead of schedule underscores the Board’s collective commitment and positions FirstBank for the next phase of growth. Otedola also acknowledged the regulatory guidance and support provided by the Central Bank of Nigeria and the Securities and Exchange Commission during the exercise.
Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, described the successful capital raise as a pivotal milestone for the Group, noting that it strengthens FirstHoldCo’s capacity to pursue its core strategic priorities of innovation, enhanced customer value, and sustainable profitability. He added that with a solid capital base in place, the Group is now positioned to accelerate performance, improve competitive returns, and deliver long-term value to all stakeholders.
