US EditionNigeria: Otedola Praises Tinubu, Cardoso As Firstbank Successfully Completes N500bn Capital Raise
Otedola cites Nigeria’s economic reforms and stronger banking needed for $1 trillion economy, proposing capital increase from ₦500 billion to ₦1 trillion for international banks.
- Proposing a higher threshold, Otedola called for at least ₦1 trillion as the new minimum for international banking licences, up from ₦500 billion.
- Otedola praised Yemi Cardoso's leadership, saying it underpins his proposal and credited President Bola Ahmed Tinubu's foreign-exchange reforms for restoring confidence with external reserves at a seven-year high.
- FirstHoldco shareholders pledged additional capital injections into subsidiaries and new business adjacencies, while Otedola said 2025 will focus on prudence following banks' strong 2024 profits.
- Stronger bank capital would, he argued, yield better governance and broader ownership, as Otedola said raising the capital floor is the only way banks can support real sector lending next year.
- Drawing on decades of experience, Femi Otedola urged continued support for bold monetary reforms as Nigeria 'turns a corner', backing the recapitalisation and monetary reform agenda.
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11 Articles
Otedola urges CBN to raise banks’ capital to ₦1 trillion as FirstBank meets ₦500bn requirement
Mr Otedola says stronger capital buffers will improve governance, expand ownership structures and stop banks from being run as “personal estates”. The post Otedola urges CBN to raise banks’ capital to ₦1 trillion as FirstBank meets ₦500bn requirement appeared first on Premium Times Nigeria.
Otedola Pushes For ₦1 Trillion Capital Floor For International Banks
Femi Otedola has urged Nigerian regulators to consider a higher capital threshold for banks operating with international licences. The Chairman of First HoldCo Plc said the current ₦500 billion minimum set by the Central Bank of Nigeria represents progress but may not be sufficient for lenders expected to finance complex, long-tenor transactions across borders and critical […] The post Otedola Pushes for ₦1 Trillion Capital Floor for Internation…
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