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.
The disclosure was contained in a statement by the Group Company Secretary, Abiola Baruwa, and filed on the Nigerian Exchange Limited, NGX, as Nigerian commercial banks intensify efforts to meet the apex bank’s new capital thresholds.
In the statement released on Monday, First HoldCo said the milestone was achieved through a combination of strategic funding actions designed to strengthen the bank’s balance sheet.
“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-based and balance sheet measures aimed at ensuring compliance within the regulatory timeline.
“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 statement added.
First HoldCo noted that the successful recapitalisation has enhanced the Group’s financial resilience and positions it to support growth across its operations.
The Group explained that the strengthened capital base is expected to 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.
The development places FirstBank among 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 in Nigeria.
