By Milcah Tanimu
FBN Holdings aims to exceed the Central Bank of Nigeria’s (CBN) minimum recapitalisation requirement by increasing its capital base to N730 billion by early 2025. Group Managing Director Nnamdi Okonkwo announced this plan at the Nigerian Exchange (NGX), highlighting an initial N150 billion rights issue as the first step.
Following this, FBN Holdings plans to raise an additional N350 billion, pending shareholder approval at the upcoming AGM. The funds will strengthen FirstBank’s digital expansion and support its international growth, enhancing its global competitiveness.
Recent financial results reflect FBN Holdings’ strong performance, with total assets up 62% to N27.5 trillion and deposits rising by 57% to N16.7 trillion. NGX CEO Jude Chiemeka praised FBN’s strategy, emphasizing its crucial role in Nigeria’s financial sector.
