One of Nigeria’s leading financial institutions, First Holdco Plc, has confirmed that its banking subsidiary, First Bank of Nigeria Limited, has met the new capital base requirement for tier-1 lenders set by the Central Bank of Nigeria (CBN).
The CBN had directed banks operating in Nigeria to shore up their capital base from the existing N25 billion to higher thresholds based on the scope of their operations. Banks were given until March 31, 2026, to comply with the new regulatory requirements, with mergers and acquisitions listed as an option for institutions unable to meet the targets independently.
Under the new framework, banks with international authorisation, including First Bank and its peers with offshore operations, are required to raise their minimum capital base to N500 billion. National banks must meet a N200 billion threshold, while regional banks are required to have N20 billion. Non-interest banks with national licences must also raise N20 billion, while regional non-interest banks are required to maintain N10 billion.
First Holdco disclosed that the group achieved the N500 billion requirement last week and has formally notified the regulator of its compliance.
In a notice filed with the Nigerian Exchange Limited (NGX), the company stated that First Bank reached the milestone through a combination of strategic capital initiatives. These include a rights issue, a private placement, and the injection of proceeds from the divestment of the group’s merchant banking subsidiary.
According to the holding company, the successful recapitalisation significantly enhances the group’s balance sheet strength and long-term outlook.
“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 First Bank among the early movers in meeting the CBN’s recapitalisation mandate, as the banking industry intensifies efforts to comply ahead of the 2026 deadline.
