FirstHoldCo Plc has become the first Nigerian banking group to cross the N6 trillion market capitalisation mark, a milestone reached during trading on Monday, August 3, 2026, and one that cements its place as the country’s most valuable listed bank.
The company’s shares changed hands at N136.50 apiece during the session, and with roughly 45.48 billion shares outstanding, that pushed its total market value to about N6.21 trillion. The feat caps a blistering run for the stock in 2026: shares are up nearly 185 percent year-to-date and over 143 percent since the end of June alone. It comes barely two weeks after FirstHoldCo first breached the N5 trillion mark on July 22, when shares traded between N112 and N113 following the release of strong half-year numbers.
Those numbers tell much of the story behind the rally. For the six months ended June 30, 2026, FirstHoldCo reported profit before tax of N653.5 billion, an 83.5 percent jump from N356.15 billion in the same period last year. Gross earnings rose 16.7 percent to N1.93 trillion, while operating income climbed 25.8 percent to N1.38 trillion. Profit after tax grew 81.6 percent to N526.1 billion. Group Managing Director Wale Oyedeji attributed the turnaround to a year of deliberate balance-sheet repair, including improved asset quality and capital restoration at subsidiary FirstBank. The group has said it expects full-year pre-tax profit to exceed N1.2 trillion.
The share-price surge has also fuelled an aggressive buying spree by the Group Chairman. Through an investment vehicle linked to him, an additional 1.78 billion ordinary shares worth about N222.2 billion were acquired on July 30, lifting his total stake to roughly 25.87 percent, a holding now valued at approximately N1.47 trillion. That followed an earlier July 22 purchase of 706 million shares worth about N77.6 billion, bringing the combined outlay for the month to nearly N300 billion. Under Nigerian securities rules, a shareholder crossing the 30 percent threshold would trigger a mandatory takeover offer, a prospect that has stirred speculation about how far the chairman intends to extend his position.
FirstHoldCo’s ascent had already overtaken Zenith Bank as Nigeria’s most valuable listed bank in recent weeks, and the N6 trillion landmark further widens that gap, setting a fresh benchmark for the Nigerian Exchange’s banking sector as recapitalisation efforts across the industry continue to reshape valuations.
