First Bank of Nigeria Limited, the commercial banking subsidiary of First HoldCo Plc, has met the Central Bank of Nigeriaโs โฆ500bn minimum capital requirement ahead of the regulatory deadline.
The Acting Group Head, Marketing and Corporate Communications of FirstBank, Olayinka Ijabiyi, disclosed this in a statement on Wednesday, noting that the bank achieved the threshold through a combination of a rights issue, private placement and proceeds from the divestment of its merchant banking subsidiary.
Ijabiyi said the development reflects strong investor confidence in the groupโs business model and growth outlook. He added that the strengthened capital base positions the bank to expand support for the real sector, deepen financial inclusion and deliver innovative, digitally driven customer experiences.
โWith a fortified capital base, FirstBank is positioned to accelerate real sector support, deepen financial inclusion and deliver innovative, digitally driven customer experiences,โ he said. He added that the recapitalisation also enhances the bankโs financial resilience and provides a platform for earnings growth through expansion, technology and new business opportunities.
He recalled that in March 2024, the apex bank directed commercial banks to increase their minimum capital to โฆ500bn within 24 months to strengthen the stability of the financial system, adding that FirstBank has now complied ahead of schedule.
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Ijabiyi further disclosed that First HoldCo plans to raise additional funding in 2026 to inject more capital into its subsidiaries and support new business lines.
Commenting on the development, Chairman of First HoldCo Plc, Femi Otedola, thanked shareholders for their trust and support throughout the capitalisation programme, saying that achieving the requirement ahead of time positions the bank for its next growth phase.
Group Managing Director, Mr Wale Oyedeji, said the capital raise would strengthen the execution of the groupโs strategic priorities and enhance the delivery of long-term value to stakeholders.