First HoldCo Plc has emerged as Nigeria’s most capitalised banking stock after a sharp rally in its share price pushed its market value above long-time industry leaders Zenith Bank Plc and Guaranty Trust Holding Company (GTCO).
The development marks a significant shift in Nigeria’s banking sector, reflecting renewed investor confidence in the financial services group following stronger earnings performance, improving fundamentals and increased strategic investments by its Chairman, Femi Otedola.
Market data from the Nigerian Exchange (NGX) showed First HoldCo’s market capitalisation closing at approximately ₦4.80 trillion, narrowly surpassing Zenith Bank’s ₦4.79 trillion, while GTCO ranked third with ₦4.71 trillion.
The latest rankings also place Stanbic IBTC Holdings at ₦2.65 trillion, United Bank for Africa (UBA) at ₦2.14 trillion, Ecobank Transnational Incorporated (ETI) at ₦1.56 trillion, Access Holdings at ₦1.39 trillion, and Fidelity Bank at ₦1.38 trillion.
The milestone follows a 10 per cent appreciation in First HoldCo’s share price to ₦105.50, driven by positive investor reaction to the company’s half-year 2026 financial results.
The rally comes on the back of the strongest half-year performance in the company’s history. For the six months ended June 30, 2026, First HoldCo reported pre-tax profit of ₦653.54 billion, representing an 83.5 per cent year-on-year increase from ₦356.15 billion recorded during the corresponding period in 2025.
Second-quarter pre-tax profit rose to ₦332.42 billion, up 3.5 per cent from the estimated ₦321.12 billion recorded in the first quarter and almost 96 per cent higher than the ₦169.67 billion posted in the second quarter of last year.
The company attributed the strong performance to improved operating efficiency, better asset quality and continued growth across its transaction banking and non-interest income businesses.
Investor sentiment has also been buoyed by increased investment from billionaire businessman and Chairman of First HoldCo, Femi Otedola, whose total shareholding rose to 20.4 per cent as of June 30, 2026, from 18.12 per cent at the end of March.
Shareholding disclosures indicate that Otedola’s indirect holdings increased to 6.03 billion shares from 4.80 billion shares during the period, while his direct stake remained unchanged at 3.25 billion shares, bringing his total holdings to approximately 9.28 billion shares.
His increased investment has reinforced market confidence in the Group’s long-term growth strategy and prospects.
The latest achievement represents a remarkable turnaround for the company, coming only months after it reported weaker full-year 2025 earnings following a major balance sheet clean-up.
For the 2025 financial year, First HoldCo posted pre-tax profit of ₦147.2 billion after recognising an ₦826 billion impairment charge, a move the company described as a deliberate effort to strengthen its balance sheet and meet regulatory expectations rather than a deterioration in its core business.
The first-half 2026 performance appears to validate that strategy, with stronger earnings, improved capital metrics and renewed investor confidence contributing to the company’s rapid market re-rating.
Analysts say maintaining its position as Nigeria’s most valuable banking stock will depend on the company’s ability to sustain earnings momentum, improve asset quality and continue delivering strong shareholder returns as the banking industry adapts to higher capital requirements under the ongoing recapitalisation programme.
