Femi Otedola's personal fortune has climbed back to its highest point in nearly a decade after First HoldCo Plc, the parent company of First Bank of Nigeria, broke through the N6 trillion market capitalisation barrier for the first time in Nigerian banking history.
Forbes' real-time billionaire tracker put Otedola's net worth at $1.8 billion as of Monday, August 3, 2026. That figure matches wealth levels he last recorded in 2018 and represents a rise of roughly $700 million, or about 63.6%, since he first emerged as a major shareholder in First HoldCo on October 23, 2021, when Forbes valued him at $1.1 billion.
First HoldCo Breaks N6 Trillion Barrier
First HoldCo's share price reached N136.50 on Monday, pushing its total market value to roughly N6.21 trillion based on 45.48 billion outstanding shares. The milestone arrived less than two weeks after the group crossed the N5 trillion valuation mark on July 22, 2026.
The stock has gained 184.97% since the start of the year. In the period from the end of June alone, shares climbed 43.53%, making First HoldCo one of the top-performing large-cap stocks on the Nigerian Exchange (NGX).
Strong Half-Year Results Fuel the Rally
The surge in the share price followed the release of First HoldCo's half-year results for the period ended June 30, 2026. The group posted profit after tax of N526.13 billion, an 81.6% jump compared to N289.77 billion in the same period of 2025.
Profit before tax rose 83.5% year-on-year to N653.54 billion, and gross earnings grew 16.7% to N1.93 trillion. The strong numbers were backed by higher trading income, growth in non-interest revenue, and a sharp reduction in loan impairment charges.
Otedola became chairman of First HoldCo in January 2024 and currently holds a 25.87% stake, making him the group's largest individual shareholder. When he took the chair, shares were trading between N19 and N22. Monday's closing price of roughly N136.50 represents appreciation of close to 618% over approximately two years.
Rights Issue Investors Benefit Sharply
Shareholders who took part in First HoldCo's recapitalisation rights issue have also recorded significant gains. The group raised about N149.56 billion through the exercise, priced at N25 per share, and the offer closed at a 125.46% subscription rate. At current prices, those investors have seen the value of their holdings rise by about 445.6%, placing it among the strongest recent equity offerings on Nigeria's capital market.
The milestone cements First HoldCo's position as the most valuable banking group on the NGX and marks a dramatic shift in the lender's fortunes since Otedola took a leading role in reshaping its governance and capital structure.
First HoldCo Leads List of 10 Most Valuable Banks
Earlier, Legit.ng reported that First HoldCo Plc, the parent company of First Bank of Nigeria, 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 by Legit.ng from NGX trading on Monday showed that First HoldCo displaced Zenith Bank from the top position, while Guaranty Trust Holding Company (GTCO) ranked third.
