First HoldCo Plc has announced that First Bank of Nigeria Limited (FirstBank) has successfully met the Central Bank of Nigeria’s (CBN) minimum regulatory capital requirement of N500 billion, reinforcing the lender’s financial strength ahead of the March recapitalisation deadline.
This is contained in a statement by Group Company Secretary, Abiola Baruwa, filed on the Nigerian Exchange Limited (NGX).
The announcement comes as Nigerian commercial banks accelerate efforts to comply with the apex bank’s new capital thresholds.
What the statement is saying
In a statement on Monday, First HoldCo said the milestone was reached following a combination of strategic funding actions.
“First HoldCo Plc (‘FirstHoldCo’ or ‘the Group’) today announces that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500 billion,” the Group said.
According to the holding company, the capital raise was completed through a mix of market and balance sheet measures.
“This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary,” it added.
Stronger balance sheet to support growth
First HoldCo noted that the successful recapitalisation significantly enhances the Group’s financial resilience and positions it for long-term growth.
The Group said the strengthened capital base would support earnings expansion through business growth, technology-driven innovation and the pursuit of new opportunities across its core markets.
“The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities,” the statement said.
Industry-wide push to meet CBN deadline
The development places FirstBank among the leading lenders that have met the CBN’s new capital requirements, as the banking industry races to comply ahead of the regulatory deadline.
The CBN’s recapitalisation programme is aimed at strengthening banks’ balance sheets, improving their capacity to support the economy, and enhancing financial system stability.
What you should know
In November, the CBN revealed that 16 banks have met its recapitalisation threshold, marking steady progress in the industry’s efforts to strengthen balance sheets and comply with new regulatory requirements ahead of the March 2026 deadline.
CBN Governor Olayemi Cardoso disclosed the development during a press briefing at the end of the Monetary Policy Committee (MPC) meeting in Abuja.
The updated figure reflects an improvement from the 14 banks that had met the minimum capital requirement as of the last MPC meeting in September, signalling what the Bank described as growing compliance across the sector.
