First HoldCo Plc has announced that its flagship subsidiary, First Bank of Nigeria Limited (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum regulatory capital requirement of ₦500 billion, well ahead of the March 31, 2026 recapitalisation deadline.
The CBN introduced the recapitalisation policy in March 2024 as part of measures to strengthen the banking system, improve shock absorption capacity, and position banks to better support Nigeria’s economic growth. Under the framework, international banks are required to maintain a minimum capital base of ₦500 billion, national banks ₦200 billion, and regional banks ₦50 billion by the end of March 2026.
The disclosure was contained in a statement signed by the Group Company Secretary, Abiola Baruwa, and filed with the Nigerian Exchange Limited (NGX). The development places FirstBank among the early Nigerian lenders to comply with the apex bank’s new capital thresholds for internationally licensed banks.
According to First HoldCo, the capital requirement was achieved through a multi-pronged strategy, including a rights issue, a private placement of equity, and capital inflows from the divestment of its merchant banking arm. The group said the approach underscores its commitment to regulatory compliance, balance sheet resilience, and long-term sustainability.
Commenting on the milestone, Femi Otedola, Chairman of First HoldCo Plc, commended the CBN’s reform agenda and praised President Bola Tinubu’s economic policies, which he said have helped create a more disciplined and forward-looking financial environment. Otedola also called for stronger oversight and governance across the banking sector to consolidate gains from the recapitalisation exercise.
The announcement comes amid an industry-wide race by Nigerian banks to shore up capital, with many institutions tapping the equity market through rights issues and private placements. While progress has been recorded, the CBN has warned of investor fatigue and concentration risks, noting that heavy capital mobilisation by banks could crowd out funding for other sectors of the economy.
Recent data indicate that several lenders have already met or are close to meeting the new capital thresholds, signalling steady momentum toward full compliance ahead of the deadline.
Analysts say FirstBank’s early compliance reduces regulatory risk and allows management to shift focus toward growth initiatives, digital transformation, and regional expansion, rather than last-minute capital raising.
As the March 2026 deadline approaches, attention is expected to remain on banks yet to meet the requirements, as well as on broader policy debates, including calls by industry leaders for even higher capital thresholds to further strengthen the Nigerian banking system.
