FirstHoldCo Becomes First Nigerian Lender to Cross N7trn Valuation as Shares Surge

FirstHoldCo Plc, the parent company of Nigeria’s oldest lender FirstBank, crossed the N7 trillion market capitalisation mark on Friday as its shares surged 8.1 percent, extending a strong rally in the financial services group.

The stock rose to N160 from N148, lifting the banking group’s market value to about N7.28 trillion, according to data analysed by Market Reporters from the Nigerian Exchange.

The gain sustained the company the most valuable listed Nigerian bank by market capitalisation, putting it ahead of Zenith Bank and Guaranty Trust Holding Company.