First HoldCo Plc, the parent company of First Bank of Nigeria Limited and chaired by billionaire businessman Femi Otedola, announced that FirstBank has reached the N500 billion 346 million minimum capital base set by the Central Bank of Nigeria CBN for banks holding international licenses. Shareholders of FirstHoldCo have signaled readiness to inject further funds into both existing subsidiaries and new business opportunities.
Speaking on the development, Otedola said, From where I stand, with decades of experience in Nigerias financial sector, it is time to raise the minimum capital requirement for international banking licenses from N500 billion 346 million to at least N1 trillion 692 million. A modern economy aiming for the 1 trillion mark cannot rely on banks with fragile capital. Stronger banks mean better governance, wider ownership, and institutions that serve the broader economy rather than individual interests, a challenge we have faced for too long.
Nigerian banks strengthen capital base
