NIGERIA · MARKETS
Key Facts
- —The country Nigeria is Africa’s most populous country, with about 230 million people, and its stock exchange in Lagos is one of the continent’s largest.
- —What happened First HoldCo Plc, the listed parent of FirstBank, closed at N137.3 (about US$0.10) a share on Monday 19 October, giving it a market value near N6.243 trillion (about US$4.7 billion).
- —The rally BusinessDay reported on 20 October that the shares had risen 186.64 percent so far in 2026, the best return among Nigeria’s top-tier listed companies it compared.
- —The pullback The stock set a record close of N162.80 (about US$0.12) on Friday 18 September, so the 19 October price sits about 16 percent below that peak.
- —The profits Pre-tax profit for the first half of 2026 rose 83.5 percent to N653.5 billion (about US$493 million), according to the company’s results.
- —The big holder Chairman Femi Otedola, a billionaire, has been buying shares through his vehicle Calvados Global Services and held roughly a quarter of the company by late August.
- —Still open No date or size is set for the share sale approved in May. The board meets on 29 October on third-quarter accounts.
First HoldCo Plc, the listed parent of Nigeria’s oldest bank, FirstBank, was worth about US$4.7 billion on Monday 19 October 2026, BusinessDay reported. The Lagos newspaper put the share price at N137.3 (about US$0.10) and the market value at about N6.243 trillion (about US$4.7 billion).
That puts the shares up 186.64 percent in 2026, though about 16 percent below the record set a month earlier. The move matters to anyone who follows West Africa’s biggest economy, because First HoldCo is one of its largest and best-known lenders.
What First HoldCo Is
First HoldCo Plc is the holding company that owns FirstBank of Nigeria, founded in 1894 and the country’s oldest commercial bank. It was called FBN Holdings until it changed its name in February 2025.
Besides the bank, the group has investment banking, asset management and insurance brokerage arms. Its full profile is on the Rio Times at First HoldCo Plc.
How the Stock Moved This Year
The shares closed at N57.20 (about US$0.04) on 1 July and N159.90 (about US$0.12) on 30 September, Billionaires Africa reported. The record close of N162.80 (about US$0.12) came on Friday 18 September.
BusinessDay reported that retail buyers, institutional funds and renewed confidence after a balance sheet clean-up drove the climb. Our calculation from the same prices shows the stock then eased to N137.3 (about US$0.10) by 19 October.
Why Investors Were Buying
The Nigerian Exchange, the stock market in Lagos, rewarded a cleaner balance sheet and stronger earnings. Gross earnings for the first half rose 16.7 percent to N1.93 trillion (about US$1.46 billion), with operating income up 25.8 percent.
Non-interest income, which comes from fees and services rather than loans, reached N497.1 billion (about US$375 million). The share of income eaten by costs fell to 44.2 percent from 50.5 percent a year earlier, the company said.
The Chairman Keeps Buying
Femi Otedola, a Nigerian billionaire and the group’s chairman since January 2024, has bought heavily through Calvados Global Services Limited. Billionaires Africa counted purchases of about 2.87 billion shares between 22 July and the end of August for roughly N351 billion (about US$265 million).
His largest single trade, on 30 July, was 1.78 billion shares at N124.90 (about US$0.09) each, worth N222.2 billion (about US$168 million). Nairametrics reported on 24 August that his stake had reached about 26.6 percent after a further purchase at N131.48 (about US$0.10) a share.
A New Share Sale Is Authorised
Shareholders approved at the annual meeting on 29 May a capital raise of up to N253.099 billion (about US$191 million). The aim is a paid-up capital base of N1 trillion (about US$755 million), through public offers, private placements or rights issues.
FirstBank has already met the central bank’s minimum capital rule of N500 billion (about US$378 million), the company announced in January. Chairman Otedola called the new programme a strategic repositioning of the group, according to the company’s statement after the meeting.
What It Means for US Readers
US investors in Nigerian or frontier-market funds may own First HoldCo through those funds, so its price swings move their returns. Nairametrics reported on 7 September that the stock joined the FTSE Frontier 50 index, a benchmark for frontier-market shares, from 21 September.
Americans who send money to Nigeria or bank there deal with lenders of this size, and a stronger FirstBank means a steadier system. The naira price of the shares, at about US$0.10, shows how much a single Nigerian stock can swing against the dollar.
What Is Not Known
The company has not given a date or a price for the share sale approved in May. It has also not said whether Otedola will keep buying toward the majority stake he has publicly talked about.
The company has not explained the slide from the September high. Its board meets on Thursday 29 October to consider third-quarter accounts, which will show whether the profit growth of the first half continued.
More: Nigeria news in English, every day from The Rio Times.
Frequently Asked Questions
What is First HoldCo?
First HoldCo Plc is the listed holding company of FirstBank of Nigeria, the country’s oldest commercial bank. It was known as FBN Holdings until February 2025.
How much is First HoldCo worth?
BusinessDay put its market value at about N6.243 trillion (about US$4.7 billion) on 19 October 2026. That is based on a share price of N137.3 (about US$0.10).
How much have First HoldCo shares risen this year?
BusinessDay reported a rise of 186.64 percent so far in 2026 as of 19 October. The shares are about 16 percent below their record close of N162.80 (about US$0.12) on 18 September.
Who is Femi Otedola?
Otedola is a Nigerian billionaire and the chairman of First HoldCo since January 2024. He is its largest shareholder, holding roughly a quarter of the company.
How profitable is the group?
Pre-tax profit for the first half of 2026 rose 83.5 percent to N653.5 billion (about US$493 million). Gross earnings were N1.93 trillion (about US$1.46 billion).
Is a share sale planned?
Shareholders approved a raise of up to N253.099 billion (about US$191 million) on 29 May. No launch date has been announced.
Sources: BusinessDay, First Holdco, Seplat, HBM Nigeria blaze past NGX Premium peers on stellar YtD return, 20 October 2026; ThisDay via allAfrica, Firstholdco delivers half-year gross earnings and profit before tax for 2026, 21 July 2026; Billionaires Africa, Otedola gained US$815 million in Q3 as First HoldCo shares nearly tripled, 1 October 2026; Nairametrics, Otedola increases First HoldCo stake with fresh share acquisition, 24 August 2026; Arise News, FirstHoldCo targets a bigger capital base after shareholders back fundraising plan, 1 June 2026; Econotimes, First HoldCo Leads Nigerian Premium Board With 186.64% Gain, 20 October 2026; Nairametrics, FirstHoldCo joins FTSE Frontier 50 index, 7 September 2026; Dmarketforces, FirstHoldCo lost 9% on selloffs, board sets to consider Q3 earnings, 4 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.