Nigeria — Central Bank of Nigeria & First HoldCo Plc

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.

First HoldCo Plc: The holding company is the target of Otedola's acquisitions and has seen its share price and market capitalisation surge to record levels. It has become Nigeria's most valuable banking group, benefiting from improved earnings and governance.

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.

First HoldCo Plc: First HoldCo Plc is the central entity, approving the dividend policy and reporting strong H1 results. The policy enhances its attractiveness to shareholders and signals financial strength.