FirstHoldCo Plc has become the first Nigerian banking group to cross the N6tn market capitalisation mark, setting a historic record for the nation’s financial sector as strong investor demand continues to fuel a sustained rally in its shares.
The financial services holding company reached the landmark during Monday’s trading session on the Nigerian Exchange Limited after its share price rose to N136.50. Based on its 45.48 billion total outstanding shares, the price appreciation pushed the group’s total market value to approximately N6.21tn.
The achievement comes less than two weeks after the financial services group first crossed the N5tn market capitalisation threshold. Sustained buying pressure on the local bourse saw investors add more than N1tn to the company’s equity value in under a fortnight.
Since the start of 2026, FirstHoldCo’s stock has surged by 184.97 per cent, with a 143.53 per cent gain recorded since the end of June alone. The performance positions the lender as one of the top-performing large-cap equities on the NGX this year.
The stock’s momentum gained significant traction following the release of the group’s half-year financial results, which showed robust top-line and bottom-line earnings growth. Market analysts attribute the rally to renewed investor optimism surrounding Nigeria’s banking sector, driven by higher net interest margins in an elevated-interest-rate environment and strong transactional volume across digital channels.
The rally also comes against the backdrop of the Central Bank of Nigeria’s ongoing recapitalisation exercise, which mandated commercial banks to upgrade their minimum capital base—N500bn for banks with international operational licences—by March 2026. Institutional investors have increasingly reallocated capital toward tier-1 lenders with strong balance sheets, robust capital adequacy ratios, and clear capitalisation strategies to meet the regulatory deadline.
For FirstHoldCo, the parent entity of First Bank of Nigeria Limited, alongside subsidiaries in merchant banking, asset management, and insurance, the valuation represents a turnaround following years of corporate governance reforms and balance sheet clean-ups aimed at resolving non-performing loans.
While crossing the N6tn threshold does not immediately alter daily operations, market watchers note that it sends a strong signal regarding shareholder expectations for future earnings and dividend payouts.
Attention will now shift to whether the group can sustain its valuation momentum in subsequent quarters, with investors closely watching its forthcoming third-quarter financial results, corporate actions, and execution of its long-term strategic plans.
The PUNCH reported that billionaire businessman Femi Otedola has increased his stake in FirstHoldCo Plc after acquiring an additional 1.77 billion shares in the financial institution through his investment vehicle, Calvados Global Services Limited.
A regulatory filing showed that the transaction, valued at N222.20bn, was executed on Thursday, 30 July 2026.
The latest acquisition raises Otedola’s shareholding in FirstHoldCo from 9.99 billion shares to 11.77 billion shares, increasing his ownership stake from 21.96 per cent to 25.88 per cent.
The purchase marks Otedola’s second major investment in the bank in July. On 22 July, he acquired 706.13 million shares valued at N77.58bn, further strengthening his position as the company’s largest shareholder.
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