FirstBank Now Fully Capitalized, Eyes Expansion & Digital Growth

By Love Ikuku-Oyedokun

Lagos, Nigeria – First HoldCo Plc (“FirstHoldCo”), the parent company of First Bank of Nigeria (FirstBank), has announced that its banking subsidiary has successfully met the Central Bank of Nigeria’s (CBN) ₦500 billion minimum capital requirement ahead of schedule.

Cablenews24 reports that the milestone was achieved through strategic capital-raising initiatives, including a Rights Issue, Private Placement, and proceeds from the divestment of the Group’s merchant banking subsidiary.

Strengthened Financial Position
The recapitalization reinforces FirstBank’s financial resilience and enhances its capacity to drive economic growth. With a fortified capital base, the bank is now better equipped to:

• Support the real sector
• Expand financial inclusion
• Deliver innovative digital banking solutions

In March 2024, the CBN directed commercial banks to raise their capital base to ₦500 billion within 24 months to bolster the banking sector’s stability. FirstBank’s early compliance underscores its strong market position.

Looking ahead, FirstHoldCo plans additional capital injections in 2026 to further strengthen its subsidiaries and explore new business opportunities, ensuring enhanced service delivery and sustainable growth.

Meanwhile the leadership of the bank, Mr. Femi Otedola, CON, Chairman of FirstHoldCo and Mr. Wale Oyedeji, Group Managing Director, have thanked shareholders for their trust,. The duo noted that this achievement reflects the bank’s commitment to growth and positions its self for future success.

They also emphasized that the milestone provides the financial foundation to “drive innovation, enhance customer value, and ensure long-term profitability.”

About FirstHoldCo Plc
FirstHoldCo Plc is a leading financial services group headquartered in Lagos, Nigeria. The Group operates across banking, asset management, insurance brokerage, and capital markets, with a focus on inclusive and sustainable financial solutions.

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