First HoldCo Plc reached a new milestone on the Nigerian Exchange (NGX) after its shares climbed to an all-time high of ₦87.25, lifting the company’s market capitalisation above ₦3.8 trillion for the first time in its history.
The rally further strengthens First HoldCo’s position as one of the best-performing banking stocks on the NGX in 2026, with sustained investor demand continuing despite periods of broader market volatility.
At ₦87.25 per share, the financial services group’s market value rose to approximately ₦3.83 trillion, making it one of Nigeria’s most valuable listed financial institutions. Only GT HoldCo and Zenith Bank currently command higher market capitalisations among banking stocks.
What the data is saying
The latest rally reflects continued investor confidence in First HoldCo’s long-term prospects and growing optimism surrounding its strategic direction.
A major driver of market sentiment has been the sustained accumulation of shares by Chairman Femi Otedola, who has steadily increased his ownership position since assuming leadership of the group.
According to the company’s 2025 audited financial statements, Otedola increased his stake to 18.12% after acquiring an additional 3.82 billion shares, representing a year-on-year increase of more than 90% in his shareholding.
Large insider purchases by controlling shareholders are often interpreted by the market as a strong vote of confidence in a company’s future earnings potential, governance, and long-term value creation. This has likely contributed to the persistent buying interest that has driven the stock to record levels.
The new valuation also reflects the broader re-rating of Nigerian banking stocks following sector recapitalisation efforts, improving investor sentiment, and renewed institutional participation in the equities market.
More insights
First HoldCo has been one of the biggest beneficiaries of renewed interest in Nigeria’s banking sector, where investors have increasingly favoured institutions with strong capital positions, improving governance, and credible long-term growth strategies.
The company’s impressive share price appreciation has occurred against a backdrop of continued reforms within the banking industry, including the Central Bank of Nigeria’s recapitalisation programme, which has encouraged investors to focus on banks with the capacity to strengthen capital and expand operations.
The rally also highlights the growing influence of strategic investors in shaping market sentiment. Otedola’s continued accumulation of shares has significantly reduced the free float available in the market, potentially increasing buying pressure as investors compete for available shares.
Crossing the ₦3.8 trillion market capitalisation threshold further enhances First HoldCo’s standing within the Nigerian capital market and strengthens its position among the country’s largest listed financial institutions.
What you should know
First HoldCo’s latest record underscores the strong recovery in investor appetite for quality banking stocks following months of recapitalisation activity and improved earnings expectations across the sector.
Key highlights include:
- Shares reached a record ₦87.25, the highest level in the company’s history.
- Market capitalisation exceeded ₦3.83 trillion for the first time.
- The company is now the third most valuable banking stock on the Nigerian Exchange, behind only GT HoldCo and Zenith Bank.
- Chairman Femi Otedola has increased his ownership stake to 18.12%, reinforcing investor confidence through sustained insider buying.
- The rally reflects a combination of strategic share accumulation, improving market sentiment toward Nigerian banks, and continued institutional demand for fundamentally strong financial stocks.
With banking sector recapitalisation progressing and investor confidence improving, First HoldCo’s performance illustrates how strong governance, strategic ownership, and positive market sentiment can significantly enhance shareholder value even amid broader market volatility.
