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) ₦500 billion minimum capital requirement.
The Group disclosed that the milestone was achieved through a combination of carefully executed capital-raising initiatives, including a Rights Issue, a Private Placement, and the reinvestment of proceeds from the divestment of its merchant banking subsidiary.
According to FirstHoldCo, the successful recapitalisation reflects strong investor confidence in the Group’s business fundamentals, long-term strategy, and growth outlook. With its strengthened capital position, FirstBank is now better equipped to deepen support for the real sector, expand financial inclusion, and roll out innovative, technology-driven banking solutions.
The enhanced capital base also reinforces the Group’s financial stability, creating a solid foundation for future earnings growth through business expansion, digital transformation, and the exploration of new market opportunities.
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In March 2024, the CBN directed Nigerian commercial banks to increase their minimum capital base to ₦500 billion within a 24-month window as part of efforts to strengthen the banking system. FirstBank’s compliance comes well ahead of the regulatory deadline.
Beyond this achievement, FirstHoldCo revealed plans to raise additional funds in 2026, with the intention of injecting more capital into its existing subsidiaries and emerging business areas. The move, the Group said, is aimed at boosting service delivery and supporting strategic expansion across its operations.
Reacting to the development, Chairman of First HoldCo Plc, Mr. Femi Otedola, CON, expressed appreciation to shareholders for their support throughout the recapitalisation 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,” he said.
Also speaking, the Group Managing Director of First HoldCo Plc, Mr. Wale Oyedeji, described the capital raise as a defining moment for the Group’s future.
“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,” Oyedeji stated.
FirstHoldCo Plc is a Lagos-headquartered financial services group with interests spanning banking, asset management, insurance brokerage, and capital markets. The Group said it remains committed to building a more inclusive and sustainable financial ecosystem through innovation, sound governance, and long-term value creation.