Foreign units of First Bank of Nigeria Plc, the country’s third-biggest lender by market value, are “adequately capitalized” and are not affected by a central bank rule that stopped lenders from funding offshore operations, Chief Executive Officer Bisi Onasanya said.

Nigeria’s First Bank said on Thursday it had won regulatory approval to transfer its subsidiaries into a newly-formed holding company, in line with regulatory requirements to separate core lending from other businesses.