Otedola: First Bank Meets N500bn Requirement, Commends Tinubu’s ‘Deep Economic Understanding’

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.

CBN Governor, Yemi Cardoso disclosed that so far, about 27 banks have raised capital, with 16 of them fully meeting the regulatory requirement.

Speaking on the health of the financial sector in a statement 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.

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.”

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”.

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.

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”.