First HoldCo Overtakes Zenith to Become Nigeria's Most Valuable Bank

First HoldCo Plc, the parent company of First Bank of Nigeria, has displaced Zenith Bank to become the most valuable banking stock on the Nigerian Exchange (NGX). Its market capitalisation hit N4.80 trillion after a strong rally in its share price, pushing the combined value of 11 listed banks to N25.85 trillion.

How the Top Banks Ranked

Data from NGX trading on Monday showed First HoldCo leading the pack 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, driven by strong investor demand and record half-year earnings.

Zenith Bank ranked second with a market capitalisation of N4.79 trillion after its shares gained 2.36% to close at N116.70. The tier-one lender added N110.88 billion to its market value as investors continued to accumulate the stock.

GTCO came third with a market capitalisation of N4.71 trillion after its share price slipped slightly to N129.00. The lender's valuation declined by N7.31 billion as the stock recorded a marginal loss during Monday's trading session.

Stanbic IBTC Holdings ranked fourth with a market capitalisation of N2.65 trillion, its shares closing flat at N166.90. UBA was 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 ranked sixth with a market capitalisation of N1.55 trillion, shares flat at N85.70. Access Holdings was seventh at N1.38 trillion after shares rose to N25.50, adding N27.18 billion. Fidelity Bank ranked eighth at N1.37 trillion after shares edged lower to N21.80, losing N3.15 billion.

Wema Bank was ninth with a market capitalisation of N1.23 trillion after shares appreciated to N30.90, adding N18.05 billion. FCMB Group rounded out the top 10 with a market capitalisation of N778.26 billion after shares advanced to N11.80, gaining N65.95 billion.

What Drove First HoldCo to the Top

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.

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.

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.

For Nigerian investors and the broader market, the shift in banking sector leadership signals renewed confidence in legacy banks that have successfully recapitalised and delivered strong earnings. The sustained demand for banking stocks could provide further support for the NGX as investors chase value in a sector now valued at over N25 trillion.