CHAIRMAN of FirstHoldco, the parent company of First Bank Plc, has urged the Central Bank of Nigeria (CBN) to raise the minimum capital requirement for international banking licences from N500 billion to at least N1 trillion.
In a statement seen by Economy Post on Thursday, the billionaire businessman said high capital base would bolster the banking system and put the economy on the path of actualising $1 trillion gross domestic product (GDP) target by 2030.
The recommendation follows First Bank’s successful raise of N500 billion minimum capital base required by the CBN for international banking licences.
“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 N500 billion to at least N1 trillion,” he 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.”
He said FirstBank, the commercial banking arm of First HoldCo Plc, had met the N500 billion minimum capital base required by the CBN, noting that the shareholders of FirstHoldco were committed to injecting additional capital into its existing subsidiaries and new business adjacencies.
READ ALSO: With Otedola in control, here’re 4 key developments to watch at First Bank
By late November 2025, 16 of Nigeria’s 36 banks had already met or exceeded new capital requirements, CBN Governor, Mr Olayemi Cardoso, said on December 1, 2025.
According to Mr Cardoso, 27 banks had raised funds through public offers and capital increases, while others were at advanced stages in the process.
Mr Otedola said Mr Cardoso had been nothing short of exceptional. He noted that the slowdown in the rate of inflation was proof of his disciplined return to orthodox monetary policy. “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,” he said.
He said Mr Cardoso’s reforms in the foreign exchange (FX) market had restored confidence that had long been missing, stressing that for the first time in years, the naira had strengthened 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.”
The businessman revealed that he was impressed by the bold decision to recapitalise the banking sector even though a number of people had criticised the move at the initial stage.
“Some people criticised it early on, unnecessarily in my view, but today it is clear it was the right move. Following the massive profits banks recorded in 2024, 2025 has rightly become a year of prudence and consolidation. This is the only way banks can support real sector lending and drive genuine economic growth next year,” he noted.
“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.
“I encourage him to continue on this path. Nigeria is turning a corner, and 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.”
President Bola Ahmed Tinubu has shown remarkable courage and clarity in steering our country through difficult but necessary reforms. His bold sense of direction, guided by a deep understanding of our economy, has created the foundation for policies that are now being recognised across the world. I have seen many administrations, but his conviction at this critical time deserves commendation.
I
