First Bank : Otedola Sets On Course N500bn Recapitalisation

FirstHoldco has assured that its subsidiary First Bank Nigeria, FBN, is on its way to raise the N500 billion capitalisation required for commercial banks in the country as minimum capital. The deadline for the recapitalisation exercise is March 31, 2026, according to the apex bank.

The parent company of Nigeria’s Premier bank gave the assurance to stakeholders in the sector during its 2025 Annual General Meeting, AGM on Thursday in Lagos, Nigeria’s commercial capital.

The Board Chairman of Firstholdco, Femi Otedola said he will ensure that this is achieved even if he had to invest more in the commercial bank. Recall that the business mogul had recently invested N320 billion to increase his shares in the company.

The Managing Director of Firstholdco, Wale Oyedeji, said the recapitalization target would be met within two months.

“Before the end of July, the bank will be at the minimum required capitalisation from the central bank,”  Oyedeji said.

Otedola who  spoke during the company’s  13^th AGM said the first phase of the recapitalisation exercise was highly successful considering that the N150 billion rights issue was over-subscribed by over N37 billion. The company raised N187. 6 billion during the exercise.

Sources in the company said plans are in the top gear to raise N350 billion through private placement at the next exercise, without declaring the date.

Otedola said his confidence in the company ahs been further bolstered by its recent successes, saying this is the reason he has invested huge amount in the bank.  .

“The intentional drive to rebuild and reposition First Bank became emboldened by the acquisition of additional shares and assuming a leadership position to consolidate these objectives,” Otedola said.

Adding that “This was not a gamble, it was a calculated, strategic move to rebuild First Bank into a modern, well-governed, and highly profitable institution. And this doesn’t stop here.

“I am willing to invest even more as we prepare for our next round of capital raise, following the resounding success and oversubscription of our recent offer.

“By the time we conclude the next phase of capital raise, I would have personally invested over N320 billion, all in cash, without borrowing a single Naira. I am very positive that we will raise the capital required well ahead of the Central Bank’s deadline… that, I can assure you.”