First HoldCo Plc has become Nigeria’s most valuable listed banking stock, overtaking Zenith Bank Plc after a sharp rally in its share price pushed the group’s market capitalisation to a record N4.80 trillion, underscoring growing investor confidence in the financial holding company following its strongest-ever half-year earnings.
Market data from the Nigerian Exchange Market (NGX) on Monday showed First HoldCo closing with a market capitalisation of about N4.80 trillion, surpassing Zenith Bank at N4.79 trillion, while Guaranty Trust Holding Company (GTCO) ranked third at N4.71 trillion.
The development marks a significant shift in the hierarchy of Nigeria’s banking sector, with First HoldCo completing one of the strongest valuation re-ratings on the exchange this year. The stock rose by the daily maximum of 10 percent to close at N105.50 after investors reacted positively to the group’s half-year 2026 financial results.
The rally reflects a combination of record earnings, successful recapitalisation efforts, and increasing strategic investments by billionaire businessman Femi Otedola, whose growing ownership has reinforced investor confidence in the lender’s long-term outlook.
The latest market capitalisation ranking places United Bank for Africa (UBA) at N2.14 trillion, Ecobank Transnational Incorporated (ETI) at N1.56 trillion, Access Holdings Plc at N1.39 trillion, and Fidelity Bank Plc at N1.38 trillion.
The market’s positive reaction came after First HoldCo delivered the strongest half-year performance in its history, with profit growth driven by higher operating efficiency, improved asset quality, and expansion across its core banking businesses.
Profit before tax surged 83.5 percent to N653.54 billion in the six months ended June 30, 2026, from N356.15 billion in the corresponding period of last year.
The second quarter was equally strong, with pre-tax profit rising to N332.42 billion, representing a 3.5 percent increase from the estimated N321.12 billion recorded in the first quarter and a 95.9 percent jump from N169.67 billion reported in the second quarter of 2025.
Management attributed the performance to stronger operating efficiency, improving asset quality and sustained growth in transaction banking, alongside higher contributions from non-interest income businesses.
The earnings reinforced expectations that the lender is entering a new phase of profitability following years of restructuring and strategic repositioning.
Investors have also taken comfort in Otedola’s increasing commitment to the group.
Latest shareholding disclosures show the billionaire increased his combined interest in First HoldCo to 20.40 percent as of June 30, 2026, from 18.12 percent at the end of March and 15.95 percent a year earlier.
The increase was driven largely by his indirect holdings, which rose to 6.03 billion shares from 4.80 billion shares three months earlier, while his direct ownership remained unchanged at 3.25 billion shares.
In total, Otedola now controls approximately 9.28 billion shares in First HoldCo, representing an increase of about 1.22 billion shares within a single quarter.
His continued accumulation has been closely watched by investors, who view it as a strong vote of confidence in the lender’s long-term growth strategy and earnings potential.
The latest rally also reflects broader optimism around Nigeria’s banking sector following the industry’s ongoing recapitalisation exercise, stronger balance sheets, and improving profitability despite a challenging macroeconomic environment.