Nigeria, Jan. 6 -- First HoldCo Plc has confirmed that its flagship subsidiary, First Bank of Nigeria, has met the Central Bank of Nigeria's minimum capital requirement of 500 billion naira, marking a major regulatory milestone for the group.



The achievement follows a combination of strategic capital actions, including a rights issue, a private placement and proceeds from the divestment of its merchant banking unit.

The move places FirstBank among lenders that have complied early with the CBN's recapitalisation directive issued in March 2024, which gave banks a 24 month window to strengthen their capital base.



The News Chronicle gathered that the successful capital raise reflects strong investor confidence in FirstHoldCo's long t...