FirstHoldCo Tops N5trn Valuation as Billionaire Otedola Bumps Up Stake
First HoldCo Plc, the parent company of Nigeria’s oldest bank, crossed the N5 trillion market capitalisation mark after chairman Femi Otedola increased his stake in the financial group to 21.96 percent, reinforcing investor confidence following the lender’s strong half-year earnings.
Shares of the financial services group rose by 9.91 percent to N120 on Thursday from N110, lifting its market value to about N5.4 trillion, according to data analysed by Marketreporters from the Nigerian Exchange Limited (NGX).
The gain made the group the country’s most valuable listed bank for the second time this week, ahead of Zenith Bank and Guaranty Trust Holding Company (GTCO).
The rally also made the company only the third Nigerian banking group to surpass the N5 trillion valuation milestone, joining Zenith Bank and GTCO.
The stock maintained a market value above N5 trillion on Friday.
The surge comes a day after a regulatory filing showing that Otedola increased his shareholding in the company from 20.42 percent to 21.96 percent after acquiring 706.13 million shares.
The transaction, valued at approximately N77.6 billion, raised Otedola’s total holdings from 9.28 billion shares to 9.99 billion shares, further consolidating his position as the company’s largest shareholder.
The increase in Otedola’s stake came shortly after First HoldCo reported a sharp rise in first-half earnings, driven by lower loan impairment charges, stronger trading income and improved asset quality despite softer interest income in a high interest-rate environment.
The group posted a profit after tax of N526.13 billion for the six months ended June 2026, up 81.6 percent from N289.77 billion in the corresponding period of 2025. Profit attributable to shareholders also rose to N522.66 billion, compared with N286.40 billion a year earlier.
The results signal a continued recovery for the banking group after a difficult 2025, when earnings were hit by substantial one-off provisions on legacy non-performing loans as management accelerated efforts to strengthen the balance sheet.
