In a significant milestone for Nigeria's financial sector, FirstBank, the commercial banking subsidiary of FBN Holdings Plc, has successfully met the Central Bank of Nigeria's (CBN) N500 billion minimum capital base requirement for an international banking licence. This achievement, confirmed on 2 January 2026, underscores the bank's strengthened financial position following the regulator's industry-wide recapitalisation directive.
Otedola Applauds Bold Economic Leadership
Reacting to the development, prominent billionaire investor and shareholder, Femi Otedola, issued a strong endorsement of the nation's current economic stewardship. Breaking from his usual public reticence on policy, Otedola, with over three decades of business experience, praised President Bola Ahmed Tinubu for demonstrating "remarkable courage and clarity" in implementing necessary reforms.
He stated that Tinubu's deep understanding of the economy has created a policy foundation now gaining global recognition. In the same vein, Otedola reserved high praise for CBN Governor, Mr. Yemi Cardoso, describing him as "exceptional" and "the best Central Bank Governor Nigeria has ever produced."
Cardoso's Reforms Yield Tangible Results
Otedola pointed to concrete outcomes as evidence of Cardoso's effective leadership. He highlighted the slowdown in inflation as proof of a disciplined return to orthodox monetary policy, easing pressure on households and businesses. The investor also commended the reforms in the foreign exchange market, which have restored confidence and allowed the naira to strengthen based on market forces, not artificial support.
Further testament to this steady hand, according to Otedola, is the growth of Nigeria's external reserves to a seven-year high above $46 billion. He defended the CBN's decision to recapitalise the banking sector, noting that while initially criticised, it has proven to be the right move, transitioning the sector from massive profits in 2024 to a necessary phase of prudence and consolidation in 2025.
A Call for Stronger Banks for a Trillion-Dollar Economy
Looking ahead, Femi Otedola made a bold policy recommendation. He argued that for an economy aiming for the $1 trillion mark, Nigeria can no longer rely on weakly capitalised banks. Consequently, he canvassed for the CBN to raise the minimum capital requirement for international banking licences from ₦500 billion to at least ₦1 trillion.
He believes stronger banks will foster better governance, broader ownership, and prevent institutions from being run like personal estates—a longstanding issue in the sector. Otedola confirmed that the shareholders of FirstBank's parent company, First HoldCo Plc, remain committed to injecting additional capital into its existing subsidiaries and exploring new business adjacencies.
In closing, Otedola encouraged Governor Cardoso to maintain his calm, disciplined, and focused approach, asserting that Nigeria is turning a corner and that these monetary reforms are laying a stronger foundation for the future.
