First HoldCo Overtakes Zenith, GTCO as Nigeria’s Most Capitalized Banking Stock

First HoldCo Plc has emerged as Nigeria’s most capitalized banking stock, overtaking Zenith Bank after a sharp rally in its share price lifted its market capitalization to approximately N4.80 trillion.

First HoldCo Plc has emerged as Nigeria’s most capitalized banking stock, overtaking Zenith Bank after a sharp rally in its share price lifted its market capitalization to approximately N4.80 trillion.

Data tracked by Nairametrics from market screens on Monday showed First HoldCo edging ahead of Zenith Bank, which closed with a market value of about N4.79 trillion, while Guaranty Trust Holding Company (GTCO) followed closely at N4.71 trillion.

The milestone reflects sustained investor confidence in the financial holding company, supported by record earnings, improving fundamentals, and increased strategic investments by billionaire businessman Femi Otedola.

What the data is saying

First HoldCo now sits at the top of Nigeria’s banking sector by market capitalization, marking one of the strongest re-ratings recorded on the Nigerian Exchange (NGX) this year.

The development underscores renewed investor confidence in the Group following stronger financial performance and successful recapitalization efforts.

• First HoldCo Plc: N4.80 trillion
• Zenith Bank Plc: N4.79 trillion
• Guaranty Trust Holding Company (GTCO): N4.71 trillion
• Stanbic IBTC Holdings: N2.65 trillion

The ranking also places United Bank for Africa (UBA) at N2.14 trillion, Ecobank Transnational Incorporated (ETI) at N1.56 trillion, Access Holdings at N1.39 trillion, and Fidelity Bank at N1.38 trillion.

First HoldCo’s shares closed at N105.50, gaining 10% following the release of its half-year 2026 earnings and pushing its market capitalization to a record level.

More insights

The company’s emergence as Nigeria’s most valuable banking stock follows the strongest half-year financial performance in its history. First HoldCo reported significant earnings growth, reflecting stronger operating efficiency and continued expansion across key business segments.

• Pre-tax profit rose to N653.54 billion for the six months ended June 30, 2026, representing an 83.5% year-on-year increase from N356.15 billion recorded in the corresponding period of 2025.
• Second-quarter pre-tax profit increased to N332.42 billion, up 3.52% from the estimated N321.12 billion recorded in the first quarter and 95.92% higher than the N169.67 billion posted in the second quarter of 2025.

Management attributed the performance to stronger operating efficiency, improved asset quality, and continued expansion of its transaction banking and non-interest income businesses.

• Femi Otedola’s combined interest in the company increased to 20.40% as of June 30, 2026, from 18.12% at the end of March and 15.95% a year earlier.

Latest shareholding disclosures show that the increase was largely driven by Otedola’s indirect holdings, which rose to 6.03 billion shares from 4.80 billion shares in March, while his direct holdings remained at 3.25 billion shares.

Overall, he now owns approximately 9.28 billion shares in First HoldCo, representing an increase of about 1.22 billion shares within three months and reinforcing market confidence in the Group’s long-term prospects.

What you should know

First HoldCo’s emergence as Nigeria’s most capitalized banking stock represents a remarkable turnaround in investor sentiment within a relatively short period.

• The development comes only months after the Group reported weaker full-year 2025 earnings following a major balance sheet cleanup.
• The Group reported a full-year 2025 pre-tax profit of N147.2 billion after recording an N826 billion impairment charge as part of efforts to strengthen its balance sheet and meet regulatory expectations.
• Management maintained that the impairment represented a deliberate balance sheet reset rather than a deterioration in the underlying business.
• The first half of 2026 appears to validate that strategy, with the Group reporting a record N653.54 billion in pre-tax profit for the six months ended June 30, 2026.

The company’s re-rating has been supported by stronger earnings, improved capital metrics, renewed investor confidence, and Otedola’s increased 20.40% stake.

Whether First HoldCo can maintain its position as Nigeria’s most capitalized banking stock will depend on its ability to sustain earnings growth, continue improving asset quality, and deliver consistent returns as the banking industry adapts to higher capital requirements under the ongoing recapitalization exercise.