First HoldCo Plc has emerged as the most valuable banking stock on the Nigerian Exchange (NGX), overtaking Zenith Bank after a strong rally in its share price lifted its market capitalisation to N4.80 trillion. Data compiled from NGX trading on Monday showed that First HoldCo displaced Zenith Bank from the top position, while Guaranty Trust Holding Company (GTCO) ranked third. The combined market capitalisation of the 11 listed banking institutions on the NGX rose to N25.85 trillion from N25.18 trillion recorded on July 17.
Top 11 Most Valuable Nigerian Banks by Market Capitalisation
First HoldCo tops the list with a market capitalisation of N4.80 trillion after its share price surged by 9.95% to close at N105.50. The financial holding company added N434.28 billion in market value following strong investor demand, driven by record half-year earnings and growing confidence in the business. Zenith Bank ranks second with a market capitalisation of N4.79 trillion after its shares gained 2.36% to close at N116.70, adding N110.88 billion to its market value. GTCO ranks third with a market capitalisation of N4.71 trillion after its share price slipped slightly to N129.00, resulting in a valuation decline of N7.31 billion.
Stanbic IBTC Holdings ranks fourth with a market capitalisation of N2.65 trillion, with its shares closing flat at N166.90. United Bank for Africa (UBA) ranks fifth with a market capitalisation of N2.13 trillion after its share price climbed 6.37% to N48.40, adding N128.16 billion in market value. Ecobank Transnational Incorporated (ETI) ranks sixth with a market capitalisation of N1.55 trillion, with shares unchanged at N85.70. Access Holdings ranks seventh with a market capitalisation of N1.38 trillion after its shares rose to N25.50, adding N27.18 billion. Fidelity Bank ranks eighth with a market capitalisation of N1.37 trillion after its shares edged lower to N21.80, losing N3.15 billion. Wema Bank ranks ninth with a market capitalisation of N1.23 trillion after its shares appreciated to N30.90, adding N18.05 billion. FCMB Group ranks 10th with a market capitalisation of N778.26 billion after its shares advanced to N11.80, gaining N65.95 billion.
Why First HoldCo Overtook Zenith Bank
The rally in First HoldCo's shares followed the release of its strongest-ever half-year financial results. The group reported an 83.5% increase in profit before tax to N653.54 billion for the six months ended June 30, 2026, compared with N356.15 billion in the corresponding period of 2025, according to BusinessDay. Second-quarter pre-tax profit rose to N332.42 billion, reflecting continued earnings growth driven by improved operating efficiency, stronger asset quality, higher transaction banking income, and increased contributions from non-interest revenue businesses. The strong financial performance, combined with successful recapitalisation efforts and increased strategic investments by billionaire businessman Femi Otedola, has boosted investor confidence and helped propel First HoldCo to the top of Nigeria's banking valuation rankings.
Market Context and Recent Developments
Earlier, Legit.ng reported that Bank78 MFB has officially commenced operations as a private digital lender in Nigeria. The bank stated that although it is inspired by private-banking culture and mindset, it is deliberately designed for the mass-affluent everyday Nigerian, offering a secure and premium digital banking experience. In a statement announcing the commencement of operations, the bank said it aims to bridge the gap between fast-growing fintech firms and traditional legacy banks.
