First Bank of Nigeria Limited has confirmed that it has reached the Central Bank of Nigeria’s ₦500 billion minimum capital requirement, achieving the milestone well ahead of the regulator’s deadline for commercial banks.
Okay News reports that the disclosure was made on Wednesday by Olayinka Ijabiyi, Acting Group Head of Marketing and Corporate Communications at FirstBank. He said the bank attained the new capital level through a mix of strategic actions, including a rights issue, a private placement, and proceeds from the divestment of its merchant banking subsidiary.
According to Ijabiyi, the successful recapitalisation reflects strong market confidence in the bank’s fundamentals and long-term growth prospects.
“With a fortified capital base, FirstBank is positioned to accelerate real sector support, deepen financial inclusion and deliver innovative, digitally driven customer experiences,” he said.
He added that the strengthened balance sheet enhances the group’s financial resilience and provides room for sustainable earnings growth, driven by expansion, technology investments and the exploration of new business opportunities.
The recapitalisation follows a directive issued in March 2024 by the Central Bank of Nigeria, which gave commercial banks a 24-month window to raise their minimum capital to ₦500 billion as part of broader efforts to reinforce the stability of Nigeria’s financial system.
Ijabiyi noted that meeting the requirement ahead of schedule places FirstBank in a strong competitive position, adding that First HoldCo Plc plans to raise additional funds in 2026.
The fresh capital, he said, would be channelled into strengthening subsidiaries and supporting new business lines.
Reacting to the development, Chairman of First HoldCo, Femi Otedola, expressed appreciation to shareholders for their continued backing throughout the capital-raising process.
“Securing FirstBank’s capital base ahead of schedule positions us firmly for our next growth phase,” Otedola said, while also acknowledging the regulatory guidance of the Central Bank of Nigeria and the Securities and Exchange Commission.
Also commenting, Group Managing Director of FirstBank, Wale Oyedeji, said the successful capital raise strengthens the bank’s ability to execute its strategic priorities and consistently deliver long-term value to customers, investors and other stakeholders.
