At N5.78trn, First Holdco Becomes Most Capitalised Banking Stock on NGX

Kayode Tokede

The market capitalisation of First Holdco Plc closed for trading at N5.78 trillion yesterday to emerge as the most capitalised listed banking stock on the floor of the Nigerian Exchange Limited (NGX).

Other Tier-1 banks, Zenith Bank Plc closed for trading at N5.2 trillion, followed by Guaranty    Trust Holding Company Plc (GTCO) that closed at N4.82 trillion on the floor of the Exchange.

The market capitalisation of United Bank for Africa Plc and Access Holdings Plc closed yesterday at N2.08 trillion and N1.47 trillion, respectively.

As of the close of transactions yesterday, the stock price of First Holdco had gained 165 per cent or N47.9 per share year-to-date (YtD) to close at N127 per share from the N79 per share it closed for trading at the end of 2025.

The milestone achievement of the oldest financial institution in Nigeria was against the backdrop of an impressive first quarter ended March 31, 2026 and half year ended June 30, 2026 unaudited result and accounts, and its Chairman, Mr. Femi Otedola, increasing his stake to 20.40per cent.

Otedola raised his stake at a time when First Holdco was attracting renewed investor interest, supported by stronger earnings.

The billionaire investor’s combined interest in First HoldCo increased to 20.40 per cent as of June 30, 2026, up from 18.12 per cent at the end of March 2026, and 15.95 per cent as of June 30, 2025.

The increase was driven by his indirect holdings, which rose to 6.03 billion shares in June 2026, from 4.80 billion shares in March 2026 and 3.47 billion shares in June 2025. His direct holdings, meanwhile, stood at 3.25 billion shares at the end of June 2026.

The latest disclosure showed that Otedola held a combined 9.28 billion shares in First Holdco at the end of June 2026, compared with 8.06 billion shares three months earlier. This represents an increase of approximately 1.22 billion shares between March and June 2026

As of June 30, 2025, Otedola held 3.21 billion shares directly and 3.47 billion shares indirectly, giving him a combined 6.68 billion shares, equivalent to 15.95 per cent of First HoldCo. At the time, the company had 41.88 billion issued shares.

By March 31, 2026, his combined position had increased to 8.06 billion shares, representing 18.12 per cent, comprising 3.25 billion direct shares and 4.80 billion indirect shares. First HoldCo’s issued share capital had also expanded to 44.45 billion shares.

Three months later, as of June 30, 2026, Otedola’s combined holding rose further to 9.28 billion shares, representing 20.40 per cent of the company.

First Holdco reported a record profit before tax of N653.54 billion in the first half of 2026, up from 83.50 per cent Y-o-Y from N356.15 billion, while profit after tax rose 81.57 per cent to N526.13 billion.

In Q2 alone, profit before tax   nearly doubled to N332.42 billion from N169.67 billion in Q2 2025.

Following the release of the results on July 20, 2026, the shares gained 10 per cent in intra-day trading to N105.50, extending the stock’s recent rally and lifting First HoldCo’s market capitalisation to about N4.80 trillion, making it the most capitalised banking stock on the NGX.