FirstBank has met the N500 billion minimum capital base required by the Central Bank of Nigeria (CBN) for an international banking licence.
This is according to Major shareholder Femi Otedola who states the shareholders of FirstHoldco are committed to injecting additional capital into its existing subsidiaries and new business adjacencies.
Calls Yemi Cardoso Best CBN Governor Ever
Femi Otedola also referred to Yemi Cardoso as the best CBN governor ever.
“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. These reforms are laying a stronger foundation for our future.” He said.
Suggestion to Raise Minimum Capital Requirement to N1 Trillion
The billionaire also suggested it is time for the CBN to raise the minimum capital requirement for banks to N1 trillion to further strengthen the banking sector.
“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. It should be increased from ₦500 billion to at least ₦1 trillion.
“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.
