In a historic shift on the Nigerian Exchange (NGX), First HoldCo Plc has surged to become the country’s most capitalised banking stock, overtaking long-standing valuation leaders Zenith Bank Plc and Guaranty Trust Holding Company (GTCO).
The milestone follows a maximum 9.95% single-day price expansion that lifted First HoldCo’s market capitalization to ₦4.797 trillion, driven by strong investor response to its record-breaking H1 2026 financial results and ongoing corporate recapitalisation efforts.
NGX Top Banking Valuation Rankings
Together, the top three banking institutions control 54.6% of the total ₦25.85 trillion banking sector market capitalization on the bourse:
| Ranking | Listed Institution | Share Price (NGN) | Market Capitalisation | Recent Day Change |
| 1 | First HoldCo Plc | ₦105.50 | ₦4.797 Trillion | +9.95% |
| 2 | Zenith Bank Plc | ₦116.70 | ₦4.792 Trillion | +2.36% |
| 3 | Guaranty Trust Holding Co. (GTCO) | ₦129.00 | ₦4.710 Trillion | -0.15% |
| 4 | Stanbic IBTC Holdings Plc | ₦166.90 | ₦2.650 Trillion | Flat (0.00%) |
| 5 | United Bank for Africa (UBA) | ₦48.40 | ₦2.140 Trillion | Variable |
Key Catalysts Behind the First HoldCo Rally
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Record H1 2026 Financial Performance: Group pre-tax profit climbed 83.5% year-on-year to ₦653.54 billion, demonstrating strong recovery and operating efficiency following its 2025 balance sheet clean-up.
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Otedola Stake Building: Confidence was further bolstered by disclosures showing Chairman Femi Otedola increased his total combined stake in the holding company to 20.40% (controlling ~9.28 billion shares).
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Broad Equities Momentum: The banking sector’s expansion pushed total listed bank valuation to ₦25.85 trillion, up from ₦25.18 trillion in previous sessions, supporting a broader 1.12% gain in the All-Share Index (ASI).
