First HoldCo Plc says First Bank of Nigeria Limited has met the Central Bank of Nigeria’s N500 billion minimum regulatory capital requirement, strengthening the lender’s position ahead of the March recapitalisation deadline.

The disclosure was made in a statement signed by Group Company Secretary, Abiola Baruwa, and filed with the Nigerian Exchange Limited.

It comes as commercial banks across Nigeria step up efforts to meet the CBN’s revised capital requirements.

In a statement on Monday, First HoldCo said the milestone was achieved through a combination of strategic funding initiatives.

“First HoldCo Plc (‘FirstHoldCo’ or ‘the Group’) today announces that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of N500 billion,” the Group said.

The holding company said the capital raise was executed through a blend of market-based and balance sheet measures.

“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,” it added.

First HoldCo added that the successful recapitalisation strengthens the Group’s financial resilience and positions it for sustained long-term growth.

First HoldCo said the successful recapitalisation significantly bolsters the Group’s financial resilience and positions it for long-term growth.

The Group said the stronger capital base would drive earnings growth through business expansion, technology-led innovation and the pursuit of new opportunities across its core markets.

“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 achievement places FirstBank among the leading lenders that have met the CBN’s new capital requirements, as the banking sector races to comply ahead of the regulatory deadline.

The CBN’s recapitalisation programme is designed to strengthen banks’ balance sheets, boost their capacity to support the economy and enhance financial system stability.

In November, the apex bank said 16 lenders had met the new capital threshold, signalling steady progress as the industry works to comply ahead of the March 2026 deadline.