Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, is calling for the Central Bank of Nigeria (CBN) to double the minimum capital requirement for international banks from ₦500 billion to at least ₦1 trillion.
His call comes as FirstBank, the commercial banking arm of First HoldCo, successfully met the current ₦500 billion minimum capital base ahead of the March 2026 deadline.
Otedola argues that for Nigeria to achieve its goal of a $1 trillion economy, it cannot depend on “weakly capitalised banks,” and that stronger capital buffers would lead to better governance and prevent banks from being run like “personal estates.”
The bank recapitalization policy was introduced by the CBN in 2024 to tackle inflation, manage currency volatility, and empower banks to finance larger projects within the economy.
Otedola lauded the policy as a timely and courageous move, especially after banks recorded significant profits in 2024. He also showered praise on President Bola Tinubu and CBN Governor Yemi Cardoso for their economic leadership.
Otedola described Cardoso as “the best Central Bank Governor Nigeria has ever produced,” crediting his disciplined, orthodox monetary policies for the recent slowdown in inflation and the strengthening of the naira. He pointed to the rise in external reserves to a seven-year high of over $46 billion as clear evidence that the administration’s tough but necessary reforms are restoring confidence in the Nigerian economy.
