First HoldCo Becomes Nigeria’s Most Valuable Listed Bank at ₦5.78tn

First HoldCo Becomes Nigeria’s Most Valuable Listed Bank at ₦5.78tn

First HoldCo Plc has emerged as the most valuable listed banking group on the Nigerian Exchange Limited (NGX), with its market capitalisation climbing to ₦5.78 trillion as investors continue to respond to strong earnings and increased buying interest.

The company overtook other Tier-1 banking giants after its share price closed at ₦127 on Tuesday, representing a year-to-date gain of 165 per cent, or ₦47.90 per share, from the ₦79 recorded at the end of 2025.

Zenith Bank Plc ranked second among listed banks, with a market capitalisation of ₦5.2 trillion, while Guaranty Trust Holding Company Plc (GTCO) followed at ₦4.82 trillion.

United Bank for Africa Plc (UBA) and Access Holdings Plc closed the session with market capitalisations of ₦2.08 trillion and ₦1.47 trillion, respectively.

The latest milestone comes amid renewed investor confidence in First HoldCo, supported by the company’s strong financial performance and a significant increase in the stake held by its Chairman, billionaire businessman Femi Otedola.

Otedola Raises Stake Above 20%

Otedola’s combined interest in First HoldCo rose to 20.40 per cent as of June 30, 2026, up from 18.12 per cent at the end of March and 15.95 per cent a year earlier.

The increase was largely driven by a rise in his indirect holdings, which grew to 6.03 billion shares in June from 4.80 billion shares in March and 3.47 billion shares in June 2025.

His direct holdings stood at 3.25 billion shares as of June 30, bringing his total stake to approximately 9.28 billion shares.

This represents an increase of about 1.22 billion shares between March and June 2026.

In June 2025, Otedola held a combined 6.68 billion shares, representing 15.95 per cent of the company. By March 2026, his holding had risen to 8.06 billion shares, equivalent to 18.12 per cent.

Strong Earnings Drive Investor Confidence

First HoldCo’s market rally has also been supported by its impressive financial results.

The financial services group reported a record profit before tax of ₦653.54 billion for the six months ended June 30, 2026, representing an 83.50 per cent increase from ₦356.15 billion recorded in the corresponding period of 2025.

Profit after tax also surged by 81.57 per cent to ₦526.13 billion.

The company’s performance remained strong in the second quarter, with profit before tax almost doubling to ₦332.42 billion, compared with ₦169.67 billion recorded in Q2 2025.

Following the release of its results on July 20, First HoldCo shares gained 10 per cent in intra-day trading, rising to ₦105.50 and pushing its market capitalisation to approximately ₦4.80 trillion at the time.

The continued share price appreciation has since taken the company’s valuation to ₦5.78 trillion, cementing its position as the most capitalised listed banking stock on the NGX.

The development underscores the growing investor interest in First HoldCo as strong earnings, improved market sentiment and increased ownership by its chairman continue to support the stock’s impressive run.