Nigeria — Central Bank of Nigeria & Femi Otedola

Nigeria — Central Bank of Nigeria: The Nigeria — Central Bank of Nigeria set the N500 billion minimum capital requirement for banks with international authorization, which FirstHoldCo is exceeding with its N1 trillion target, driving the recapitalization efforts in the banking sector.

Femi Otedola: Femi Otedola, Chairman of FirstHoldCo, played a key role in presenting and securing shareholder approval for the capital raise, articulating the strategic vision for the N1 trillion capital target.

Nigeria — Central Bank of Nigeria: The central bank's regulatory oversight and capital requirements have shaped the recapitalisation. Its earlier intervention in First Bank's governance set the stage for Otedola's reforms.

Femi Otedola: As chairman and largest shareholder, Otedola is the driving force behind the stake accumulation and corporate turnaround. His continued buying signals strong conviction and has boosted the stock, enhancing his personal wealth.

Nigeria — Central Bank of Nigeria: The Nigeria — Central Bank of Nigeria's recapitalisation mandate has driven investor interest in tier-1 banks like FirstHoldCo, indirectly supporting the market rally. The policy aims to strengthen the banking sector's capital base.

Femi Otedola: Femi Otedola increased his stake in FirstHoldCo to 25.88% through two major share purchases in July 2026, reinforcing his position as the largest shareholder and signalling strong insider confidence in the company's prospects.

Nigeria — Central Bank of Nigeria: The Nigeria — Central Bank of Nigeria's regulatory framework influences the dividend policy and recapitalisation efforts, with approvals required for implementation.

Femi Otedola: As chairman, Femi Otedola championed the dividend policy and has increased his stake, reinforcing his influence and confidence in the group's direction.