First HoldCo Plc (also known as “FirstHoldCo” or “the Group”) has verified that First Bank of Nigeria (FirstBank), its commercial banking subsidiary, has fulfilled the ₦500 billion minimum capital requirement set by the Central Bank of Nigeria (CBN).
UAfter completing a number of strategic capital initiatives, such as a rights issue, a private placement, and the infusion of proceeds from the sale of its merchant banking subsidiary, the Group notably reached this milestone.
Nonetheless, the market’s strong confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects is reflected in this successful capitalisation. FirstBank’s improved capital base puts it in a better position to provide creative, digitally driven customer experiences, expand financial inclusion, and speed up support for the real sector.
Therefore, the recapitalisation strengthens the Group’s overall financial stability beyond the banking subsidiary. Because of this, FirstHoldCo is now in a better position to increase earnings through business expansion, technological innovation, and the search for new opportunities.
BrandSpur banking and finance news desk reports that to improve the stability and capability of Nigeria’s banking industry, the CBN ordered commercial banks in March 2024 to increase their capital base to a minimum of ₦500 billion within a 24-month period. Before the regulatory deadline, FirstBank met this requirement.
In a related move, FirstHoldCo has stated that it plans to attract new investors and invest more money in the Group’s current subsidiaries as well as new business ventures in 2026. This forward-thinking commitment is intended to support strategic expansion throughout the Group and improve service offerings.
Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, commented on the accomplishment, saying: “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 added.
Furthering, First HoldCo Plc’s Group Managing Director, Mr. Wale Oyedeji, had this to say: “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.
“Moreover, with this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders,” he added.
