First HoldCo has become the most valuable listed banking group in Nigeria after its market value climbed to ₦5.78 trillion, about $4.22 billion, putting it ahead of Zenith Bank and Guaranty Trust Holding Company.
The milestone also strengthens billionaire businessman Femi Otedola’s position in the company. After steadily increasing his stake over the past four years, his holding in First HoldCo is now worth about ₦1.27 trillion, or roughly $925.6 million, based on Tuesday’s closing price.
First HoldCo ended the trading session at ₦127 per share, compared with ₦47.90 at the end of 2025. That means the stock has gained ₦79.10 this year, representing an increase of about 165 percent.
At its current valuation, First HoldCo now sits ahead of Zenith Bank, which closed with a market capitalisation of ₦5.2 trillion, or about $3.80 billion. GTCO followed at ₦4.82 trillion, or about $3.52 billion, while United Bank for Africa was valued at ₦2.08 trillion and Access Holdings at ₦1.47 trillion.
The rise gives First HoldCo the highest market value among listed banking groups on the Nigerian Exchange and marks a major turnaround for a company that has gone through years of leadership changes, ownership battles and efforts to rebuild investor confidence.
Otedola’s Stake Is Now Worth Nearly $1 Billion
Femi Otedola has become the central figure in First HoldCo’s ownership structure after years of buying shares in the company.
His total holding reached 9,983,923,216 shares, equal to 21.95 percent of the company, following the purchase of another 706,131,179 shares through Calvados Global Services on July 22.
At the closing price of ₦127 per share, Otedola’s stake is worth about ₦1.268 trillion, equivalent to roughly $925.6 million.
The size of his position has increased sharply over the past year. At the end of June 2025, Otedola owned about 6.68 billion shares, representing 15.95 percent of First HoldCo. Of that amount, 3.21 billion shares were held directly while about 3.47 billion were held indirectly.
By March 31, 2026, his stake had increased to 8.06 billion shares, giving him control of about 18.12 percent of the company. His direct holdings stood at about 3.25 billion shares, while his indirect holdings had increased to roughly 4.80 billion shares.
The buying continued during the second quarter. By the end of June, Otedola controlled about 9.28 billion shares, equal to 20.40 percent of First HoldCo. Most of the increase came through his indirect holdings, which rose from 4.80 billion to about 6.03 billion shares.
The July purchase pushed his stake above 21.9 percent and placed him firmly at the centre of the company’s ownership.
Strong Earnings Have Powered the Share Price Rally
First HoldCo’s strong rise on the stock market has also been supported by a sharp improvement in earnings.
The company reported a pre-tax profit of ₦653.54 billion for the first six months of 2026, compared with ₦356.15 billion during the same period in 2025. That represents an increase of 83.5 percent.
Profit after tax also climbed strongly, rising by 81.57 percent to ₦526.13 billion from the level recorded a year earlier.
The second quarter was particularly strong. First HoldCo recorded a pre-tax profit of ₦332.42 billion between April and June, almost double the ₦169.67 billion reported during the same three months in 2025.
The results gave investors more confidence in the company’s recovery and growth story. After the half-year results were released on July 20, First HoldCo shares gained 10 percent during trading to reach ₦105.50.
That increase pushed the company’s market value to about ₦4.80 trillion and moved it ahead of other Nigerian banking groups for the first time. Since then, First HoldCo has added roughly another ₦980 billion in market value as investors continued to push the share price higher.
From Ownership Battle to Market Leader
First HoldCo is the parent company of First Bank of Nigeria, one of the country’s oldest and most recognised financial institutions. First Bank was established in 1894 and has operated through major changes in Nigeria’s financial system for more than a century.
The group has also gone through a difficult period in recent years, including questions around ownership, corporate governance and leadership. Otedola’s rise within the company came during a long contest for influence among major shareholders.
His approach has been to build his position gradually rather than make a single large purchase. He continued buying shares during periods when the stock was not performing strongly and while First HoldCo was still working to improve its financial position.
Otedola has also said that the money used to build his stake came from his own funds rather than borrowed money. His continued purchases suggest that he has taken a long-term position in the company rather than simply trying to benefit from short-term movements in the stock price.
Based on estimates of about ₦328 billion spent on disclosed purchases so far, the current value of his holding is several times higher than the amount invested.
Can First HoldCo Hold Its Lead?
First HoldCo’s rise to the top of Nigeria’s banking market is an important moment, but maintaining that position will depend on whether the company can continue to deliver strong profits.
The sharp increase in second-quarter earnings has played a major role in driving investor interest. If those results continue in the second half of 2026, the stock could remain attractive to investors and strengthen First HoldCo’s position against Zenith Bank, GTCO and other large financial groups.
The challenge is that the company has not yet provided clear guidance on whether the strong earnings recorded in the first half can be repeated through the rest of the year. Investors will therefore be watching future results closely to see whether the profit growth reflects a lasting improvement in the business.
For now, First HoldCo has achieved two major milestones at the same time. It has become the most valuable listed banking group in Nigeria, while Otedola’s stake has moved close to the $1 billion mark.