First HoldCo Plc has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500 billion. This milestone, achieved well ahead of the regulatory deadline, positions FirstBank for accelerated growth and enhanced support for Nigeria’s real sector.

The recapitalisation was achieved through a combination of strategic initiatives, including a Rights Issue, Private Placement, and proceeds from the divestment of the Group’s merchant banking subsidiary. These efforts have fortified FirstBank’s capital base, strengthening market confidence in the bank’s long-term business model and growth prospects.

A Stronger Foundation for Innovation and Growth

This successful capital raise further strengthens FirstBank’s ability to support financial inclusion and continue providing innovative, digitally-driven customer experiences. It also enhances the bank’s capacity to expand its business operations and explore new opportunities in the Nigerian market.

The N500 billion recapitalisation underscores FirstBank’s commitment to strengthening its financial resilience, enabling it to compete effectively and meet the evolving needs of customers.

In a related development, FirstHoldCo has expressed plans to raise fresh funding and inject additional capital into its subsidiaries and new business ventures in 2026. These efforts will further enhance service offerings and foster continued expansion across the bank’s operations.

Strategic Support and Investor Confidence

The bank’s achievement in fulfilling the CBN’s capital requirement ahead of the March 2026 deadline highlights its strong market confidence and operational expertise. According to Femi Otedola, Chairman of First HoldCo Plc, “The success of this capitalisation programme is a testament to the trust and support of our shareholders. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated their resounding confidence in our strategic direction.”

Wale Oyedeji, Group Managing Director of First HoldCo Plc, added, “This capital raise enables us to execute our core priorities—driving innovation, delivering superior customer value, and enhancing profitability. We are now positioned to accelerate performance and deliver lasting value to our stakeholders.”

The Road Ahead

Looking ahead, FirstBank is poised to continue supporting Nigeria’s economic development by leveraging its strengthened capital base to drive future growth, improve competitive returns, and create greater value for its customers and stakeholders.