Otedola-led FirstHoldCo Slips Below N6trn Market Cap as Shares Drop

First HoldCo Plc slipped below the N6 trillion market capitalisation mark on Tuesday after its share price fell by 2.99 percent, bringing a swift end to the banking group’s brief stay above the historic valuation milestone.

Data from the Nigerian Exchange Limited (NGX) showed the lender’s  shares closed at N130, down from N134, reducing its market capitalisation to N5.91 trillion from N6.09 trillion the previous day.

Despite the decline, the parent company of Nigeria’s oldest bank remains the country’s most valuable listed banking group, ahead of Zenith Bank simulated ₦51.84 ▲0.29%, valued at N5.1 trillion, and GTCO simulated ₦68.87 ▼0.25%, with a market capitalisation of N4.8 trillion.

The recent rally in the bank’s shares has been fuelled largely by aggressive share purchases by its chairman and largest shareholder, Femi Otedola, who has steadily increased his stake in the financial institution.

Last week, Otedola expanded his holding after acquiring an additional 1.77 billion shares through his investment vehicle, Calvados Global Services Limited, in a transaction worth N222.2 billion, according to a regulatory filing with the NGX.

The acquisition increased his shareholding from 9.99 billion shares to 11.77 billion shares, raising his ownership stake from 21.96 percent to 25.88 percent.

It marked Otedola second major share purchase in July. On July 22, he bought 706.13 million shares valued at N77.58 billion, further consolidating his position as the company’s largest shareholder.

Nigeria’s fourth richest man has also signalled plans to deepen his investment in the lender. In a recent interview, Otedola said he intends to increase his stake from about 26 percent to 51 percent, underscoring his confidence in the bank’s ongoing transformation.

Investor optimism has also been supported by First HoldCo’s strong financial performance.

The group reported a profit after tax of N526.13 billion for the six months ended June 2026, representing an 81.6 percent increase from N289.77 billion recorded in the corresponding period of 2025. Profit attributable to shareholders rose to N522.66 billion, compared with N286.40 billion a year earlier.

The earnings growth was driven by lower loan impairment charges, stronger trading income and improved asset quality, helping offset softer interest income in a high interest-rate environment.

The results also comes after a difficult 2025, when earnings were weighed down by substantial one-off provisions on legacy non-performing loans as management accelerated efforts to strengthen the balance sheet.