Echotitbits – Nigeria News

Tag: FirstBank

  • Otedola Applauds FirstBank’s N500 Billion Capital Milestone

    Otedola Applauds FirstBank’s N500 Billion Capital Milestone

    Figures cited by Premium Times show that FirstBank of Nigeria has successfully completed its N500 billion capital raise, a move lauded by billionaire investor Femi Otedola. Otedola praised both President Tinubu and CBN Governor Yemi Cardoso for creating the regulatory environment that allowed for such a massive capital injection.

    The capital raise is part of the CBN’s mandate for commercial banks to strengthen their balance sheets to support a 1 trillion economy. FirstBank’s success is seen as a bellwether for the rest of the banking sector, many of whom are still in the middle of their own rights issues or public offers.

    The Nation added that the ‘economy will profit from financial sector reforms,’ noting that stronger banks will be better positioned to lend to the real sector. BusinessDay also listed this as one of the ’25 deals that shaped Nigeria’s corporate environment,’ marking it as a defining moment for 100-year-old institution.

    Echotitbits take: FirstBank reaching this goal ahead of schedule is a massive liquidity boost for the Nigerian stock exchange. Expect Otedola to continue pushing for a ‘N1 trillion capital base’ as the new gold standard for Tier-1 banks in Nigeria.

    Source: Premium Times — https://www.premiumtimesng.com/business/business-news/847084-otedola-urges-cbn-to-raise-banks-capital-to-%E2%82%A61-trillion-as-firstbank-meets-%E2%82%A6500bn-requirement.html
    Premium Times January 2, 2026

    Photo Credit: Premium Times

  • FirstBank hits ₦500bn recapitalisation mark as market eyes the next wave of bank fundraising

    FirstBank hits ₦500bn recapitalisation mark as market eyes the next wave of bank fundraising

    2026-01-02 06:00:00
    According to Punch, FirstBank says it has completed a ₦500 billion capital raise, positioning it to meet the CBN’s new minimum capital thresholds and to compete more aggressively in a tighter regulatory environment.

    The fundraising is being framed as a resilience move—strengthening buffers and supporting growth—while also sending a signalling effect to investors ahead of the broader recapitalisation race across the sector.

    Market watchers say the milestone could influence peers’ timelines and pricing, as more banks line up with rights issues, private placements and other instruments.

    Premium Times reports FirstBank “successfully completes ₦500bn capital raise,” noting the wider recapitalisation push and investor attention. The Sun similarly says the bank has “met the ₦500 billion minimum capital base required by the Central Bank of Nigeria,” highlighting the compliance angle.

    Echotitbits take: Completing early matters—capital raising gets tougher when several banks are in the market at once. Watch whether FirstBank’s move shifts competitive pressure to mid‑tier lenders, and whether pricing dynamics start to favour banks with stronger retail funding and clearer growth narratives.

    Source: The Punch — January 2, 2026 (https://punchng.com/firstbank-completes-n500bn-capital-raise/)
    The Punch 2026-01-02

    Photo Credit: The Punch

  • FirstBank rolls out 500-seat premium viewing stand for Carnival Calabar

    FirstBank rolls out 500-seat premium viewing stand for Carnival Calabar

    2025-12-29 09:00:00
    According to Punch, FirstBank says it built a 500-capacity premium bleacher to improve spectator comfort and safety at Carnival Calabar 2025, framing it as part of its long-running support for arts and culture.

    The project blends branding with tourism economics: a better viewing experience can help the festival attract higher-value visitors, sponsors and media coverage.

    The Guardian also reported the development, describing the facility as a first-of-its-kind private premium bleacher introduced for the carnival.

    Organisers and sponsors are pitching the stand as private-sector infrastructure support for one of Nigeria’s most visible cultural tourism events.

    The Guardian quoted FirstBank: “We are introducing the first-ever private 500-seater premium bleacher…,” while Punch said the stand was designed to offer “comfort, safety” and a better viewing experience.

    Echotitbits take: Sponsorship is good, but the long-term win is tourism receipts—hotel occupancy, small business sales and repeat visits. Watch for post-event economic impact numbers and whether other corporates replicate infrastructure-style sponsorships.

    Source: Independent — https://independent.ng/firstbank-introduces-exclusive-500-seater-bleacher-at-carnival-calabar-festival-2025/ – December 29, 2025
    Independent 2025-12-29

    Photo Credit: Independent

  • CBN Pushes Banks: FirstBank ATMs to Accept International Cards

    CBN Pushes Banks: FirstBank ATMs to Accept International Cards

    Photo Credit: The Punch
    2025-12-25 09:15:00

    In an update published by The Punch, FirstBank says its ATMs will be enabled to accept international cards in line with a Central Bank of Nigeria (CBN) directive, a step aimed at improving foreign-card usability for travelers and visitors. The bank said the change is part of broader compliance work across Nigeria’s payment infrastructure.

    For customers, the biggest impact is convenience: foreign-issued cards should be able to withdraw cash (where permitted) and complete ATM transactions more smoothly, reducing friction for diaspora visitors and business travelers—especially during peak travel seasons.

    For banks and switching/payment processors, the directive implies backend reconfiguration, routing, and compliance checks to ensure international schemes work reliably across channels.

    Supporting reports show the regulator set deadlines and scope: Vanguard quoted the directive saying banks must “configure their ATMs to allow foreign cards” by “February 28, 2025,” while The Guardian reported the goal is for ATMs to accept “Visa, MasterCard, and other foreign cards.”

    Echotitbits take: This is a pro-diaspora, pro-tourism signal—but reliability is everything. Watch for early hiccups (declines, FX conversion disputes, downtime), and whether fees and FX spreads become the next consumer pain-point.

    Source: The Punch — December 25, 2025 (https://punchng.com/firstbank-atms-to-now-accept-intl-cards/)

    The Punch 2025-12-25

  • Motherland Festival powers Lagos’ December economy with a diaspora-friendly lineup

    Motherland Festival powers Lagos’ December economy with a diaspora-friendly lineup

    Photo Credit: The Guardian Nigeria

    2025-12-21 15:05:00
    Reporting by The Guardian Nigeria indicates Motherland Festival drew heavy Detty December energy in Lagos, spotlighting acts like Odumodu Blvck, Qing Madi and Seyi Vibez as brands leaned into the homecoming season.

    The festival’s pitch goes beyond music: it’s built as a ‘destination’ experience for travelers, returnees and visitors looking for a structured December calendar.

    With more curated festivals popping up, the competitive edge is now about entry experience, safety, and production—not just lineup posters.

    Vanguard quoted the organisers on the travel angle: “Coming home should not feel complicated,” in its report on Motherland’s arrivals experience. Tix.Africa’s event listing labels the main act plainly: “Omah Lay. Headliner”.

    Echotitbits take:
    This is culture meeting commerce: festivals are now part of Nigeria’s diaspora tourism strategy. Watch for attendance figures, repeat sponsorships, and whether organisers can scale without safety or logistics failures.

    Source: The Guardian Nigeria — 2025-12-21 — https://guardian.ng/life/events/odumodu-blvck-qing-madi-seyi-vibez-light-up-first-banks-motherland-festival/
    The Guardian Nigeria
    2025-12-21

  • FirstBank reopens refurbished basketball arena at Ikeja Army cantonment

    FirstBank reopens refurbished basketball arena at Ikeja Army cantonment

    2025-12-15 00:31:00

    According to The Punch, FirstBank has reopened a renovated Basketball & Games Arena at the Nigerian Army 9 Brigade Cantonment in Ikeja, Lagos, following a facelift.

    The report says the facility was inaugurated with senior military participation and positions the upgrade as part of sports development and community engagement.

    Bank-funded sports infrastructure typically falls under CSR, with brands seeking long-term visibility and youth engagement outcomes.

    Analysis/Echotitbits take: CSR projects matter most when they’re sustained—equipment, coaching programmes, and open access rules. Watch for how the facility is managed, who can use it, and whether it becomes a hub for grassroots leagues.

    Source: The Punch — December 15, 2025 — https://x.com/FirstBankngr/status/1999809090315268597

    Photo credit: At FirstBank, our commitment goes beyond banking, it is about supporting people including the people
    X-twitter https://x.com/FirstBankngr/status/1999809090315268597 December 15, 2025