<h4>FirstHoldCo Announces FirstBank Has Met â¦500 Billion Regulatory Capital Requirement</h4>
<p><strong><a href="https://openlife.ng/">OpenLife Nigeria</a></strong> reports that First HoldCo Plc has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of â¦500 billion.</p>
<p>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.</p>
<p>First HoldCo Plc is a Lagos-based financial services group building a more inclusive and sustainable financial future. Its diversified structure encompasses banking, asset management, insurance brokerage, and capital markets operations.</p>
<p>According to a statement from the Bank, made available to OpenLife, this successful capitalisation underscores strong market confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects.</p>
<p>With a fortified capital base, FirstBank is positioned to accelerate its support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences.</p>
<p>The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, <a href="https://www.vanguardngr.com/">technological innovation</a>, and the pursuit of new opportunities.</p>
<p>In March 2024, the CBN directed commercial banks to raise their capital base to a minimum of â¦500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity. FirstBank has now fulfilled this requirement well ahead of the regulatory deadline.</p>
<p>In a related development, FirstHoldCo have expressed its desire to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026. This forward-looking commitment is aimed at further enhancing service offerings and facilitating strategic expansion.</p>
<p>Commenting on the achievement, Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, said:</p>
<p><em><strong>“On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme.</strong></em></p>
<p><em><strong> From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated resounding confidence in our strategic direction.</strong></em></p>
<p><em><strong>&#8220;Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”</strong></em></p>
<p>Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, added:</p>
<p><em><strong>“This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core strategic priorities: driving innovation, delivering superior customer value, and enhancing sustainable profitability. </strong></em></p>
<p><em><strong>&#8220;With this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders.”</strong></em></p>

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