Nigerian lender First HoldCo Plc plans to raise 350 bln naira (USD 229 mln) in additional capital through private placement. This follows a successful 150 bln naira rights issue as part of its recapitalization effort. The move is in response to new capital thresholds set by the central bank, which increased the minimum capital requirements tenfold for Nigerian banks. This aims to strengthen the financial sector amid high inflation, a weak economy, and the steep devaluation of the naira after currency reforms in 2023.