First Holding Company Confirms FirstBank’s New N500bn Capital Base

…As Standard Chartered, RMB Join List of Recapitalised Banks

First HoldCo Plc has confirmed that its commercial banking subsidiary, First Bank of Nigeria Limited (FirstBank), has met the Central Bank of Nigeria’s (CBN) minimum regulatory capital requirement of N500 billion.

This comes  as  Standard Chartered Bank Nigeria Limited and Rand Merchant Bank Nigeria Limited (RMBN)  also joined the growing list of financial institutions that have met the CBN new capital requirements under the ongoing banking sector recapitalisation.

FirstHoldCo said the milestone followed the completion of several capital-raising initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of its merchant banking subsidiary.

According to FirstHoldCo, the recapitalisation strengthens FirstBank’s capital base and positions the bank to expand lending to the real sector, deepen financial inclusion, and enhance its digital banking offerings.

In March 2024, the CBN directed commercial banks to increase their minimum capital base to N500 billion within 24 months as part of efforts to strengthen the stability and capacity of the banking sector. FirstHoldCo said FirstBank had met the requirement ahead of the regulatory deadline.

The Group also disclosed plans to raise additional funding in 2026 to inject more capital into its other subsidiaries and explore new business opportunities.

Commenting on the development, chairman of First HoldCo Plc, Femi Otedola, said shareholders demonstrated confidence in the Group’s strategy through the oversubscribed Rights Issue and the successful Private Placement.

He said meeting the capital requirement ahead of schedule reflected the collective efforts of the Board, management, and shareholders, while also acknowledging the support of the CBN and the Securities and Exchange Commission (SEC) during the process.

The Group Managing Director of First HoldCo Plc, Wale Oyedeji, described the capital raise as a significant milestone, noting that it provides the financial capacity to pursue the Group’s strategic priorities, including innovation, enhanced customer value, and sustainable profitability.

He added that the strengthened capital position would support improved performance and long-term value creation for stakeholders.

The list of fully recapitalised banks ahead of the March 31, 2026, deadline has now grown to 21, including deposit money banks with international, national and regional licenses, non-interest banks, as well as merchant banks.

Meanwhile, RMBN in a statement, announced that it has successfully met the capitalisation requirement for merchant banks operating in Nigeria as of December 30, 2025, in line with the CBN’s directive. The bank described the milestone as a clear demonstration of its financial strength, resilience and unwavering commitment to regulatory compliance.

The development, RMBN noted, reflected the confidence of its shareholders in the Nigerian economy and the bank’s strategic role in the country’s evolving financial landscape. By meeting the capitalisation threshold, the bank stated that it is better positioned to deliver innovative financial solutions to clients, enhance customer confidence, and contribute meaningfully to the stability and growth of Nigeria’s banking sector.

Commenting on the achievement, the chief executive officer of RMBN,  Bayo Ajayi, said, “We are proud to have met the CBN’s capitalisation requirement. This achievement reflects our shareholders’ confidence in the Nigerian economy and our dedication to delivering best-in-class corporate and investment banking services across Nigeria and Africa. Our focus remains on building a stronger, more resilient institution that can thrive in Nigeria’s dynamic financial environment.”

Similarly, Standard Chartered Bank Nigeria Limited disclosed that it has met the CBN’s N200 billion minimum capital requirement for national commercial banks, well ahead of the March 31, 2026 deadline. The bank said the early compliance underscores its long-term commitment to Nigeria’s economic advancement and financial stability.

According to Standard Chartered, meeting the new capital requirement aligns with its strategy of deepening its presence in Nigeria through sustained investment, a robust capital base, a strong and sustainable balance sheet, as well as value-enhancing financing to support clients driving growth in key sectors of the economy.

On his part, the chief executive officer of Standard Chartered Bank Nigeria Limited, Dalu Ajene, commenting on the development, said “delivering on the CBN’s recapitalisation directive ahead of schedule underscores our unwavering confidence in the resilience and potential of the Nigerian economy.

“This achievement reaffirms Standard Chartered’s enduring partnership with Nigeria and our steadfast commitment to foster sustainable growth, support clients, and play a pivotal role in Nigeria’s financial and economic transformation.”

Also speaking, the bank’s Executive Director and Chief Financial Officer, Dayo Omolokun, said “the recapitalisation of Standard Chartered Bank Nigeria Limited ahead of the March 2026 deadline reinforces the Group’s commitment to Nigeria, as an essential and strategic market on the African continent.

“Since returning to Nigeria to establish a wholly owned subsidiary in 1999, the Bank has supported clients and customers with structured financial solutions running into billions of Dollars, combining differentiated cross-border capabilities with leading wealth management expertise.”