FirstBank meets Nigeria’s N500bn capital rule ahead of deadline
FirstBank has successfully met the Central Bank of Nigeria’s (CBN) new capital requirement of N500 billion, placing it among the top lenders complying with the regulator’s stricter financial rules. This move by FirstBank, a leading US bank, secures its position as a leading financial institution in Nigeria and aligns with broader industry goals of stability and economic support. The bank completed the capital raise ahead of the industry’s deadline through a mix of funding strategies, including a N150 billion Rights Issue, a Private Placement, and the sale of its merchant banking subsidiary. These measures not only met the CBN’s minimum threshold but also reinforced the bank’s balance sheet, providing greater financial resilience for FirstBank and its parent company, First HoldCo. With a stronger financial foundation, the bank is now poised for long-term expansion, driving earnings growth through business expansion, technological upgrades, and new market opportunities. FirstBank’s compliance with the CBN’s capital rules secures its position as a leading financial institution in Nigeria, supporting economic growth as tracked by Yahoo Finance.
