Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
FirstHoldCo Plc has made history on the Nigerian Exchange, becoming the first banking group in the country to attain a market capitalisation of over N6 trillion. The landmark was achieved during trading on Monday, August 3, 2026, as the company's share price climbed to N136.50, according to market data from the Nigerian Exchange Limited. With approximately 45.48 billion outstanding shares, FirstHoldCo's market value rose to about N6.21 trillion, further widening its lead as the most valuable banking stock listed on the Nigerian bourse.
The achievement marks another milestone in what has been a remarkable year for the financial services group, whose stock has delivered one of the strongest performances on the local bourse. The latest feat comes just days after FirstHoldCo surpassed the N5 trillion valuation mark for the first time on July 22, 2026, following renewed investor interest sparked by its impressive half-year financial results. Investor confidence has continued to fuel the company's rally, with the stock recording a year-to-date gain of 184.97 percent. Since the end of June alone, its share price has appreciated by 143.53 percent, underscoring the sustained demand for the company's shares.
The historic N6 trillion valuation reinforces FirstHoldCo's growing dominance in Nigeria's banking sector and highlights its emergence as one of the biggest drivers of value on the Nigerian Exchange. The milestone crowns an extraordinary rally in FirstHoldCo's share price in 2026, coming less than two weeks after the company crossed the N5 trillion market capitalisation threshold for the first time in its history during midday trading on July 22, when its shares traded between N112 and N113 following the release of its strong half-year financial results.
The rally has been fueled by a combination of factors, including the company's impressive financial performance, a strategic recapitalisation drive, and a clean-up of legacy bad loans that has begun to pay off. The bank has stated that it expects profit before tax to exceed N1.2 trillion ($876 million) for the full year 2026. Earlier in July, the company completed the ₦45 billion second tranche of its ongoing ₦350 billion Private Placement Programme, having obtained all necessary approvals from the Central Bank of Nigeria and the Securities and Exchange Commission. The capital raised is being injected into First Bank of Nigeria Limited (FirstBank) as part of the bank's capital restoration and balance sheet strengthening programme, aimed at meeting regulatory requirements and supporting future growth initiatives.
The stock's ascent has been driven by sustained buying momentum from both institutional and retail investors. In July, FirstHoldCo more than doubled from ₦56.05 to ₦129.55, leading a broad banking sector rally that also saw gains in United Bank for Africa, Zenith Bank, and GTCO. By the time FirstHoldCo shares reached N129.90, the market price had already surpassed the price paid for disclosed July acquisitions by Chairman Femi Otedola, who has been steadily increasing his stake in the financial holding company.
The N6 trillion milestone represents a significant moment for Nigeria's capital markets, demonstrating the capacity of well-managed financial institutions to deliver substantial value to shareholders. As FirstHoldCo continues to consolidate its position as Nigeria's most valuable listed banking group, market participants will be watching closely to see whether the stock can sustain its momentum and push further into uncharted territory. For now, the company's achievement stands as a testament to the resilience of Nigeria's banking sector and the growing confidence of investors in the country's financial markets.
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