First HoldCo Plc has announced that its
commercial banking arm, First Bank of Nigeria
Limited (FirstBank), has successfully met the
Central Bank of Nigeria’s (CBN) minimum capital
requirement of ₦500 billion.
The confirmation comes as Standard Chartered
Bank Nigeria Limited and Rand Merchant Bank
Nigeria Limited (RMBN) also join the list of banks
that have complied with the CBN’s new capital
thresholds under the ongoing recapitalisation of
the banking sector.
According to a report by Leadership, First HoldCo Plc confirmed, the achievement
followed the successful execution of multiple
capital-raising efforts. These included a Rights
Issue, a Private Placement, as well as capital
inflows generated from the sale of its merchant
banking subsidiary.
The company explained that the strengthened
capital position will enable FirstBank to scale up
lending to key sectors of the economy, broaden
access to financial services, and further improve
its digital banking capabilities.
In March 2024, the CBN directed commercial
banks to raise their minimum capital base to
₦500 billion within a 24-month period as part of
broader reforms aimed at enhancing the
resilience and capacity of Nigeria’s banking
industry. First HoldCo noted that FirstBank
achieved the requirement well ahead of the
regulatory deadline.
.jpeg)
0 Comments