FirstBank meets N500bn CBN capital requirement ahead of March deadline
First HoldCo Plc has disclosed that its flagship subsidiary, First Bank of Nigeria Limited, has met the Central Bank of Nigeria’s minimum capital requirement of N500 billion, ahead of the March recapitalisation deadline set by the regulator.
The disclosure was made in a statement signed by the Group Company Secretary, Abiola Baruwa, and filed with the Nigerian Exchange Limited.
The holding company said the milestone was achieved through a combination of funding and balance sheet actions, including a Rights Issue, a Private Placement and the deployment of proceeds from the divestment of its merchant banking subsidiary.
According to First HoldCo, the successful capital raise has significantly strengthened the Group’s financial position and prepared it for sustainable long-term growth.
It explained that the enlarged capital base would support business expansion, drive technology-led innovation and enable the Group to take advantage of emerging opportunities across its core markets.
The development places FirstBank among the early lenders to comply with the CBN’s new capital thresholds as Nigerian banks intensify efforts to meet the regulatory deadline.
The apex bank’s recapitalisation programme is designed to reinforce the stability of the banking sector, improve banks’ capacity to finance the economy and enhance overall financial system resilience.
