First HoldCo Plc has announced that its commercial banking subsidiary, First Bank of Nigeria Limited, has met the Central Bank of Nigeria’s minimum regulatory capital requirement of ₦500 billion.
The Group said the milestone followed the completion of multiple capital-raising initiatives, including a rights issue, a private placement, and the injection of proceeds from the divestment of its merchant banking subsidiary.
The measures collectively lifted FirstBank’s capital base to the level required under the CBN’s ongoing banking sector recapitalisation programme.
According to First HoldCo, the strengthened capital position enhances the Group’s financial resilience and supports its strategy to drive earnings growth through balance sheet expansion, technology-led innovation, and selective pursuit of new business opportunities.
The announcement was issued from Lagos and signed by the Group Company Secretary, Abiola Baruwa.
First HoldCo is chaired by Olufemi Otedola, with Adebowale Oyedeji serving as Group Managing Director. The board also includes Dr. Alimi Abdul-Razaq, Dr. (Sir) Peter Aliogo, Mrs. Kofo Dosekun, Dr. Abiodun O. Fatade, Dr. Julius B. Omodayo-Owotuga, and Mr. Olusegun Alebiosu.
The development places FirstBank among lenders that have complied with the CBN’s higher capital requirements, a policy aimed at strengthening the banking system, improving shock absorption capacity, and supporting long-term credit growth in the Nigerian economy.
