Otedola-Led FirstHoldCo Smashes N6tn Valuation, Extends Lead Over Zenith and GTCO

First HoldCo, the parent company of Nigeria’s oldest bank, has strengthened its position as the country’s largest lender by market capitalisation after its shares gained 3.43 percent on Monday.

The banking group, chaired by biggest shareholder Femi Otedola, saw its market value rise to N6.09 trillion from N5.89 trillion on Friday, making it the eighth-most valuable company listed on the Nigerian Exchange Limited.

Zenith Bank, which lost the top spot to First HoldCo last month, gained 1.05 percent, lifting its market capitalisation to N5.13 trillion. Guaranty Trust Holding Company also rose 0.77 percent to reach a valuation of N4.78 trillion.