–Shareholders commit to further capital injections across Group subsidiaries
First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced that its flagship commercial banking subsidiary, First Bank of Nigeria Limited (FirstBank) has successfully met the ₦500 billion minimum regulatory capital requirement prescribed by the Central Bank of Nigeria (CBN).
This milestone follows the successful execution of a comprehensive capital-raising programme comprising a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary. The achievement underscores FirstHoldCo’s disciplined execution, strong governance framework, and sustained investor confidence.
In March 2024, the CBN unveiled a sector-wide banking recapitalisation programme, directing commercial banks with international authorisation to raise their minimum capital base to ₦500 billion within a 24-month period. The initiative was designed to strengthen the resilience of the Nigerian banking system, enhance banks’ capacity to absorb shocks, and position the sector to effectively support economic growth, infrastructure development, and increased credit to the real sector.
FirstBank’s early compliance with this directive reflects the Group’s proactive approach to regulation and long-standing commitment to maintaining a strong and sustainable capital position. The strengthened capital base enhances FirstBank’s capacity to deepen support for key economic sectors, accelerate financial inclusion initiatives, and deliver innovative, digitally enabled banking solutions to customers across its markets.
The successful recapitalisation also reinforces FirstHoldCo’s consolidated financial strength, providing a solid foundation for improved earnings quality, balance sheet optimisation, and strategic expansion across its business lines.
Beyond FirstBank, FirstHoldCo has reaffirmed its intention to raise additional capital in 2026 for onward investment into the Group’s other operating subsidiaries as well as select new business adjacencies. This forward-looking strategy is aimed at unlocking further growth opportunities, strengthening competitive positioning, and enhancing long-term shareholder value.
Commenting on the achievement, Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, said:
“On behalf of the Board, I extend our profound appreciation to our shareholders for their trust, confidence, and unwavering support throughout this capitalisation programme. From the oversubscribed Rights Issue to the successful Private Placement, investor response has been a clear endorsement of our strategy and leadership. Achieving FirstBank’s ₦500 billion capital requirement well ahead of the regulatory deadline positions the Group strongly for its next phase of growth. We are also grateful to the Central Bank of Nigeria and the Securities and Exchange Commission for their guidance and professionalism throughout the process.”
Also speaking, Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, said:
“This achievement reflects the strength of our execution capabilities, the clarity of our strategic priorities, and the confidence of the investing public in our transformation journey. With a stronger capital base, FirstBank is well positioned to support Nigeria’s economic aspirations, scale its digital banking offerings, and deliver sustainable value to customers, shareholders, and other stakeholders. As a Group, we remain focused on disciplined growth, operational excellence, and prudent capital deployment across our businesses.”
