Femi Otedola, chairman of First HoldCo, says First Bank has met the N500 billion minimum capital requirement set by the Central Bank of Nigeria (CBN), urging stricter oversight of the banking sector.
Speaking in a statement on Thursday, Otedola said: “FirstBank, the commercial banking arm of First HoldCo Plc, has met the N500 billion minimum capital base required by the Central Bank of Nigeria (CBN) for an international banking licence. The shareholders of FirstHoldco are committed to injecting additional capital into its existing subsidiaries and new business adjacencies.”
The billionaire praised the “bold” decision to recapitalise banks, saying it was right despite early “unnecessarily” criticism. He noted that after 2024’s massive profits, 2025 became a year of prudence and consolidation to enable banks to support real sector lending and drive economic growth in 2026.
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Otedola added: “From where I stand, and with the benefit of many years in Nigeria’s business landscape, I believe it is time to raise the minimum capital requirement for international banking licences from N500 billion to at least ₦1 trillion. A modern economy aiming for the $1 trillion mark cannot rely on weakly capitalised banks. Stronger banks mean better governance, broader ownership, and institutions that are not run like personal estates, a problem we have lived with for far too long.”
He also commended President Bola Tinubu, saying he has shown “remarkable” courage and clarity in implementing economic reforms, with a “bold sense of direction, guided by a deep understanding of our economy,” that has laid the foundation for globally recognised policies.
“I have seen many administrations, but his conviction at this critical time deserves commendation,” Otedola said.
