First HoldCo Plc, the holding company of Nigeria’s oldest bank, has surged to the top of the Nigerian Exchange Limited (NGX) by market value, driven by a dramatic share price rally and a series of strategic moves spearheaded by billionaire investor Femi Otedola.
Share price jumps more than six‑fold in two years
When Otedola was appointed group chairman on 31 January 2024, First HoldCo’s shares traded between N19 and N22. As of early August 2026, the stock sits at about N134, marking a 617.89 percent increase.
The market capitalisation now exceeds N6 trillion, making the bank the most valuable listed banking stock on the NGX. The 52‑week range stretches from a low of N29.25 to a high of N137.20, reflecting strong investor confidence.
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Rights issue raises fresh capital
During the central bank’s recapitalisation drive, First HoldCo offered 5.98 billion new ordinary shares at N25 each, a 1‑for‑6 ratio to existing holdings. The issue attracted a 125.46 percent subscription rate, pulling in about N149.56 billion. The infusion helped the institution meet the Central Bank of Nigeria’s tightened capital requirements and supported its expansion plans.
That capital boost coincided with a cleaner balance sheet and a notable reduction in loan‑loss provisions, setting the stage for stronger earnings.
Profitability rebounds sharply
First HoldCo reported profit after tax of N526.13 billion for the half‑year ended 30 June 2026, an 81.6 percent jump from the same period a year earlier.
Future performance will depend on the institution’s capital strength and its ability to manage Nigeria’s broader economic challenges. Continued focus on risk management and expanding non‑interest income streams will be essential to sustain the growth trajectory.
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Otedola’s hands‑on approach fuels the turnaround
Otedola holds a 25.87 percent stake in First HoldCo, making him the single largest individual shareholder. His involvement goes beyond capital; he actively guides strategy, drawing on a track record that includes turning around the downstream energy firm Forte Oil and reviving the power sector venture Geregu Power.
The rights issue and subsequent share price rally illustrate how his sizable equity commitments have aligned management incentives with investor returns. By anchoring governance with his own financial skin in the game, he has reshaped expectations for corporate value creation in Nigeria’s financial sector.
Analysts note that the rapid price appreciation outpaced many forecasting models, which had placed a 12‑month target near N62.39. The market’s reaction highlights the impact of Otedola’s aggressive shareholder‑centric tactics.