FirstBank completes N500bn capital raise
As someone who has spent over three decades investing, building businesses, and navigating Nigeria’s economic cycles, I rarely comment publicly on policy. But there are moments when leadership must be acknowledged.
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.
In that same spirit of boldness, the Central Bank Governor, Mr. Yemi Cardoso, has been nothing short of exceptional. The slowdown in the rate of inflation is 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.
His reforms in the foreign exchange market have restored confidence that had long been missing. 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 am also impressed by the bold decision to recapitalize the banking sector. 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.
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. 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.
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.
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.

Prof Pat Utomi, a political economist, has said that he would walk away from the former Labour Party presidential candidate, Peter Obi, whenever he decides to become someone’s running mate.
Stakeholders of the Peoples Democratic Party, PDP, in Borno State have called on Governor Bala Mohammed and his Oyo State counterpart, Seyi Makinde to sheath their swords, embrace party unity, and realign their loyalty to FCT Minister, Nyesom Wike.
The Assistant Inspector-General of Police, AIG, in charge of Zone 17, Ajani Musibau, has strongly condemned the attack on the Ipele Divisional Police Headquarters in Owo Local Government Area of Ondo State, describing it as a grave and unacceptable threat to public peace and security.
The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has released his prophecies for 2026, projecting economic relief for Nigeria and a possible reversal of the mass migration trend popularly known as “japa.”
Lagos State Emergency Management Agency, LASEMA, has called on members of the public to report and register the names of relatives or loved ones who may be missing following the fire at the Great Nigeria Insurance, GNI, House on Martins Street, Lagos Island.
Minority caucus of the House of Representatives has said that the hardships faced by Nigerians in recent years demand more decisive government action.
The Central Bank of Nigeria has projected that the Nigerian capital market will remain bullish in 2026, driven largely by the ongoing bank recapitalisation exercise, rising investor confidence and supportive policy measures.
The analysts at Coronation Asset Management have projected increased capital market activities as banks push to meet the March 2026 recapitalisation deadline set by the Central Bank of Nigeria.