First Bank of Nigeria Limited has announced that it has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500 billion, well ahead of the regulator’s deadline.
The bank disclosed the development in a statement issued on Wednesday by its Acting Group Head, Marketing and Corporate Communications, Olayinka Ijabiyi. He explained that the capital milestone was achieved through a blend of a rights issue, private placement and proceeds from the sale of its merchant banking subsidiary.
Ijabiyi described the development as a strong vote of confidence from investors in the group’s strategy and long-term prospects.
“With this strengthened capital base, FirstBank is now better positioned to expand lending to the real sector, advance financial inclusion and roll out innovative, technology-driven banking solutions,” he said.
He added that the recapitalisation exercise enhances the bank’s financial resilience and opens up opportunities for earnings growth through business expansion, digital transformation and new ventures.
The CBN had in March 2024 directed commercial banks to increase their minimum capital base to N500 billion within 24 months as part of measures to reinforce the stability of the banking system. FirstBank’s early compliance places it among the first tier of lenders to meet the new standard.
Ijabiyi further disclosed that First HoldCo Plc plans to embark on another round of fundraising in 2026 to inject additional capital into its subsidiaries and support new business lines.
Reacting to the development, Chairman of First HoldCo, Femi Otedola, thanked shareholders for their continued support throughout the recapitalisation process, noting that achieving the target ahead of schedule sets the stage for the group’s next phase of growth.
He also expressed appreciation to the CBN and the Securities and Exchange Commission for their regulatory guidance.
Group Managing Director, Wale Oyedeji, said the successful capital raise would strengthen the bank’s ability to execute its strategic objectives and deliver sustained value to customers, investors and other stakeholders.
