Femi Otedola, chairman of First HoldCo, says First Bank has met the N500 billion capital requirement of the Central Bank of Nigeria (CBN), calling for stricter oversight of the country’s banking sector.
The development comes ahead of the March 2026 deadline set
by the CBN, following a regulatory directive mandating banks to raise their
capital base in March 2024.
The regulator had pegged the minimum capital requirements
for commercial banks with international licences at N500 billion. Those of
national and regional financial institutions were fixed at N200 billion and N50
billion, respectively.
So far, about 27 banks have raised capital, with 16 of them
fully meeting the regulatory requirement, according to Olayemi Cardoso, the CBN
governor.
First Bank is a subsidiary and the commercial banking arm of
First HoldCo.
Speaking on the health of the financial sector in a
statement to TheCable on Thursday, Otedola expressed the parent company’s
commitment to more capital injection.
“FirstBank, the commercial banking arm of First HoldCo Plc,
has met the ₦500 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 businessman said.
OTEDOLA SEEKS N1 TRILLION CAPITAL BASE INCREASE FOR
INTERNATIONAL BANKING LICENCES
The billionaire said he was impressed by the “bold” decision
to recapitalise the banking sector, noting that it was the right move, even
though it was “unnecessarily” criticised early on.
He said following the massive profits banks recorded in
2024, 2025 became a year of prudence and consolidation.
This, according to the influential investor, is the only way
banks can support real sector lending and drive genuine economic growth in
2026.
“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 ₦500 billion to at least ₦1
trillion,” Otedola said.
“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.”
‘TINUBU’S REFORMS GUIDED BY DEEP UNDERSTANDING OF OUR
ECONOMY’
Otedola praised President Bola Tinubu for his leadership and
economic reforms.
He said Tinubu has shown “remarkable” courage and clarity in
steering “our country through difficult but necessary reforms”.
Also a philanthropist, Otedola said the president’s bold
sense of direction, guided by “a deep understanding of our economy”, has
created the foundation for policies that are now globally recognised.
“I have seen many administrations, but his conviction at
this critical time deserves commendation,” he said.
‘CARDOSO IS THE BEST CBN GOVERNOR EVER’
Similarly, the businessman described Cardoso as
“exceptional”, noting that the governor has exhibited the “same spirit of
boldness”.
He said the slowdown in the rate of inflation is proof of
his disciplined return to orthodox monetary policy.
The billionaire said Cardoso’s reforms in the foreign
exchange (FX) market have restored confidence that had long been missing.
“This is not theory; these are real results, visible in the
gradual easing of pressure on households and businesses. I appreciate this
because I know, from experience, how damaging policy inconsistency can be,”
Otedola said.
“For the first time in years, the naira is strengthening on
the back of market forces not artificial fixes. To me, this is the most
powerful signal that we are finally doing things the right way. The fact that
our external reserves have climbed to a seven-year high above $46 billion is
further evidence of his steady hand.
“I say this without hesitation: Yemi Cardoso is the best
Central Bank Governor Nigeria has ever produced. His calmness, discipline, and
unwavering focus on doing what is right, not what is easy, reminds me of the
kind of leadership any serious economy needs.”
Otedola encouraged the economist to continue on the same
path.
He said Nigeria is turning a corner, adding that “those of
us who believe in this country will continue to support the bold monetary
reforms that are laying a stronger foundation for our future”.
On December 29, 2025, the billionaire businessman offloaded
his shares in Geregu Power Plc for N1.088 trillion. The deal has since stoked
speculations among analysts on what Otedola’s next play could be.
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