LAGOS, Nigeria — First HoldCo Plc, the parent company of Nigeria’s oldest commercial bank, First Bank of Nigeria, has officially surged to become the country’s most valuable financial institution, crossing a market capitalization of ₦5.78 trillion ($4.22 billion).

The corporate milestone follows months of strategic equity accumulation spearheaded by billionaire investor and Group Chairman Femi Otedola. Otedola’s investment vehicle, Calvados Global Services, purchased an additional 706 million shares in late July, lifting his total holding to 21.95%.

The dramatic stock rally pushed First HoldCo ahead of former market leaders Zenith Bank, which closed at ₦5.2 trillion ($3.80 billion), and Guaranty Trust Holding Company (GTCO), which stood at ₦4.82 trillion ($3.52 billion).

Shares of First HoldCo closed at ₦127 per share, marking an extraordinary 165% year-to-date increase compared to its 2025 closing price of ₦47.90. Financial analysts attribute the rapid upward trajectory to strong institutional buying and renewed market confidence in the group’s corporate leadership.

The banking group’s market surge is backed by stellar financial results. First HoldCo reported an 83.5% jump in pre-tax profit to ₦653.54 billion ($477.1 million) for the first half of 2026, driven by a sharp doubling of earnings during the second quarter.

Market commentators note that Otedola’s systematic four-year acquisition process, funded entirely through personal equity, has completely reshaped governance and capital strength across the holding company. His personal stake in the institution is currently valued at roughly ₦1.268 trillion ($925.6 million).

With First Bank originally established in 1894, the holding entity’s ascension to the top spot on the Nigerian Exchange represents a historical milestone in West African banking. Investors are watching closely to see if the institution can sustain its earnings momentum into the second half of the year.