First HoldCo Plc has emerged as Nigeria’s most capitalized banking stock, reaching an approximate market capitalization of N4.80 trillion. This milestone follows a sharp rally in its share price and the release of its record half-year 2026 earnings, reflecting sustained investor confidence and strategic investments by billionaire businessman Femi Otedola.

Data tracked from market screens on Monday, July 20, 2026, showed First HoldCo edging ahead of Zenith Bank, which closed with a market value of about N4.79 trillion. Guaranty Trust Holding Company (GTCO) followed closely at N4.71 trillion, solidifying First HoldCo's position at the top of Nigeria’s banking sector by market capitalization.

This achievement marks one of the strongest re-ratings recorded on the Nigerian Exchange (NGX) this year. Other notable banks in the ranking include Stanbic IBTC Holdings at N2.65 trillion, 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.

Record Financial Performance Fuels Growth

First HoldCo’s emergence as Nigeria’s most valuable banking stock follows its strongest half-year financial performance in history. The company reported a pre-tax profit of 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 H1 2025.

Second-quarter pre-tax profit alone increased to N332.42 billion, up 3.52% from the estimated N321.12 billion recorded in Q1 2026, and 95.92% higher than the N169.67 billion posted in Q2 2025. Management attributed this robust performance to stronger operating efficiency, improved asset quality, and continued expansion across its transaction banking and non-interest income businesses. This was complemented by a healthy net interest margin of 9.5%.

The Group also recorded gross earnings of N1.93 trillion, a 16.7% year-on-year increase, while operating income grew by 25.8% to N1.38 trillion. Non-interest income rose to N497.1 billion, supported by impressive performances across electronic banking, trade services, brokerage, and funds transfer. Operational efficiency improved significantly, with the Group’s cost-to-income ratio declining to 44.2% from 50.5% in H1 2025.

Prudent risk management practices drove improvements in asset quality, with impairment charges declining by 37.4% year-on-year, while pre-provision operating profit increased by 42.2%. Approximately N91.9 billion was recovered during the first half of the year. FirstBank’s Capital Adequacy Ratio was restored to 16.7% as of June 30, 2026, with a liquidity ratio of 52.2%. The Group’s Investment Banking and Asset Management businesses contributed N46.0 billion in gross earnings and N27.4 billion in profit before tax, supported by an asset base of N572.3 billion.

Femi Otedola Increases Stake to 20.40%

Billionaire investor Femi Otedola’s combined interest in First HoldCo Plc increased to 20.40% as of June 30, 2026. This is up from 18.12% at the end of March 2026 and 15.95% as of June 30, 2025, according to the company’s latest shareholding disclosure.

The increase was primarily 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 remained at 3.25 billion shares at the end of June 2026, bringing his total to approximately 9.28 billion shares in First HoldCo.

This represents an increase of about 1.22 billion shares between March and June 2026, and approximately 2.60 billion shares between H1 2025 and H1 2026. Over the same period, First HoldCo’s total issued shares increased from 41.88 billion to 45.48 billion.

The company’s disclosed free float declined from 68.90% (28.85 billion units) in June 2025 to 56.59% (25.73 billion units) by June 2026. However, this remains well above the 20% minimum free-float requirement for companies listed on the NGX Premium Board.

Sustained Stock Rally and Investor Confidence

First HoldCo’s shares have experienced a significant rally, closing at N105.50 on July 20, 2026, after gaining 10% following the H1 2026 earnings release. For the week ended July 17, 2026, the stock advanced 38.66%, climbing from N69.20 to N95.95 per share.

This performance helped cushion a marginal 0.14% decline in the NGX All-Share Index (ASI) during the same week, which closed at 243,462.13 points. The Banking Index was the standout performer, gaining 9.30% on strong demand for First HoldCo and Fidelity Bank.

The company’s re-rating represents a remarkable turnaround in investor sentiment, especially after reporting weaker full-year 2025 earnings of N147.2 billion pre-tax profit due to an N826 billion impairment charge. Management had maintained this represented a deliberate balance sheet reset, a strategy now validated by the record H1 2026 profits.