Recapitalization Race: FirstBank Crosses ₦500bn Finish Line Ahead of Schedule

First HoldCo Plc officially announced on January 2, 2026, that its flagship subsidiary, First Bank of Nigeria Limited, has successfully achieved the ₦500 billion minimum capital requirement set by the Central Bank of Nigeria (CBN) for banks with international authorization.

This achievement comes nearly three months ahead of the March 31, 2026, regulatory deadline, marking a major victory for the Chairman, Femi Otedola.

First HoldCo Plc, announced that 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.

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.

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