Femi Otedola, chairman of First HoldCo Plc, has praised President Bola Tinubu’s “deep economic understanding” as First Bank of Nigeria Limited successfully meets the Central Bank of Nigeria’s (CBN) ₦500 billion minimum capital requirement.
Otedola disclosed that the bank has achieved the benchmark well ahead of the March 2026 deadline set by the CBN, following the regulator’s March 2024 directive for banks to shore up their capital bases.
Under the new recapitalisation framework, the CBN set minimum capital thresholds of:
- ₦500 billion for commercial banks with international licences
- ₦200 billion for national banks
- ₦50 billion for regional banks
Otedola said First Bank’s early compliance reflects confidence in Nigeria’s economic direction and urged regulators to enforce stricter oversight across the banking sector to strengthen financial stability and protect depositors.
The recapitalisation exercise is aimed at creating a more resilient banking system capable of supporting economic growth, managing shocks, and financing large-scale development projects.
