Otedola Calls for Higher Capital Threshold as FirstBank Meets CBN N500bn Requirement

Otedola Calls for Higher Capital Threshold as FirstBank Meets CBN N500bn Requirement

Nigerian billionaire investor Femi Otedola has called for a significant increase in the minimum capital requirement for international banking licenses, as FirstBank of Nigeria successfully met the Central Bank of Nigeria’s (CBN) N500 billion benchmark.

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First HoldCo Plc, the parent company of FirstBank and chaired by Otedola, confirmed that its shareholders are prepared to inject additional capital into the bank’s existing subsidiaries while also supporting new strategic business opportunities.

Speaking on the development, Otedola argued that the current N500 billion threshold should be reviewed upward to N1 trillion, noting that stronger capital bases would enhance corporate governance, promote broader ownership structures, and build a more resilient and competitive banking sector capable of supporting Nigeria’s long-term economic growth.

He emphasized that well-capitalised banks are better positioned to absorb shocks, finance large-scale projects, and inspire greater confidence among both local and international investors.

Otedola also commended President Bola Ahmed Tinubu and the Governor of the Central Bank of Nigeria, Yemi Cardoso, for implementing reforms he said have helped to strengthen the financial system. According to him, recent policies have contributed to stabilising the naira and boosting Nigeria’s foreign reserves to a seven-year high of over $46 billion.

The remarks come amid ongoing efforts by the CBN to recapitalise the banking sector and reposition it to play a stronger role in driving economic recovery and sustainable development.

Otedola Calls for Higher Capital Threshold as FirstBank Meets CBN N500bn Requirement