In a significant development for the Nigerian financial sector, First Bank of Nigeria (FirstBank) has officially met the Central Bank of Nigeria’s (CBN) ₦500 billion minimum capital requirement for banks with international licenses.
The announcement was made on January 1, 2026, by Mr. Femi Otedola, the chairman of FBN Holdings Plc, three months ahead of the CBN’s March 31, 2026, deadline.
The Recapitalization Journey
FirstBank’s path to this milestone involved a strategic mix of capital-raising efforts, primarily through rights issues and private placements.
By late 2025, the bank had already secured significant tranches of funding, eventually crossing the ₦500 billion mark through:
Rights Issues: Leveraging existing shareholders’ commitment.
Private Placements: Targeting high-net-worth investors and institutional partners.
Tier-1 Consolidation: Reaffirming its position as a “systemically important bank” in the Nigerian economy.
As one of Nigeria’s oldest and largest lenders, FirstBank’s successful recapitalization ensures the stability of the entire financial system.
With a larger capital base, the bank is now better positioned to support large-scale infrastructure projects and “real sector” lending (agriculture, manufacturing, and tech).
The successful raise, achieved in a high-interest-rate environment, signals strong investor confidence in the “Renewed Hope” economic reforms.
The “₦1 Trillion” Call
Upon announcing the completion, Mr. Otedola proposed that the CBN should consider further raising the minimum capital for international banks to ₦1 trillion.
He argued that for Nigeria to achieve its goal of a $1 trillion economy by 2030, its lead banks must have even deeper buffers to compete globally and ensure robust corporate governance.
FirstBank Recapitalization Progress at a Glance (Jan 2026)
| Bank Category | Requirement (₦) | FirstBank Status |
| International | 500 Billion | MET (Jan 2026) |
