First HoldCo overtakes Zenith Bank as Nigeria's top lender by value
First HoldCo has surpassed Zenith Bank to become Nigeria's most valuable listed bank, driven by a record-breaking earnings surge and sustained share purchases by billionaire Femi Otedola.
First HoldCo Plc has overtaken Zenith Bank Plc to become Nigeria’s most valuable listed banking stock. A 10 percent surge in its share price on Monday pushed the group’s market capitalisation to a record N4.80 trillion, edging out Zenith Bank at N4.79 trillion.
The stock closed at N105.50, hitting its daily limit as investors reacted to the group’s strongest-ever half-year earnings. Profit before tax surged 83.5 percent to N653.54 billion in the six months ending June 30, 2026, up from N356.15 billion in the same period a year earlier.
Second-quarter performance sustained this momentum, with pre-tax profit reaching N332.42 billion. Management credited the 95.9 percent year-on-year jump to improved asset quality, stronger operating efficiency, and growth in transaction banking and non-interest income.
The earnings report confirms the lender is entering a highly profitable phase following a prolonged period of restructuring. Investors have further taken comfort in the growing involvement of billionaire businessman Femi Otedola.
Otedola increased his total ownership to 20.40 percent as of June 30, up from 18.12 percent three months prior and 15.95 percent a year earlier. His indirect holdings rose sharply to 6.03 billion shares, while his direct stake remained steady at 3.25 billion shares. He now controls roughly 9.28 billion shares.
His continued accumulation is widely viewed by the market as a decisive endorsement of the bank’s long-term strategy. The combination of record profitability and a major shareholder’s backing has triggered one of the strongest valuation re-ratings on the Nigerian Exchange this year.
Guaranty Trust Holding Company follows closely in third place with a market capitalisation of N4.71 trillion. The rest of the sector lags significantly, with United Bank for Africa at N2.14 trillion, Ecobank Transnational Incorporated at N1.56 trillion, Access Holdings at N1.39 trillion, and Fidelity Bank at N1.38 trillion.
First HoldCo’s ascent reflects broader optimism surrounding the Nigerian banking sector. Despite a challenging macroeconomic environment, ongoing industry recapitalisation efforts are yielding stronger balance sheets and driving improved profitability across the market.
