First HoldCo Valued Near $4.7 Billion After Lagos Close
First HoldCo, the listed parent of Nigeria's FirstBank, was worth about $4.7 billion on October 19 after its shares closed at N137.3. The stock had risen 186.64% in 2026 but was about 16% below its September 18 record close. First-half 2026 pre-tax profit rose 83.5% to N653.5 billion.
First HoldCo is the listed owner of FirstBank of Nigeria, a lender established in 1894 and described as the country’s oldest commercial bank. The parent changed its name from FBN Holdings in February 2025 and also houses investment banking, asset management and insurance brokerage businesses.
Chairman Femi Otedola, a billionaire, had acquired roughly one-quarter of the company through Calvados Global Services by late August. A share sale approved in May still lacks a date and size, while the board is due to review third-quarter accounts on 29 October.
The share rally and higher first-half profit could affect shareholders through valuation gains, while customers and staff may feel the consequences of how the lender allocates capital and manages risks. Because FirstBank is one of Nigeria’s largest and oldest banks, shifts in its performance may also influence confidence in the wider Lagos market, though the stock’s pullback from its peak shows sentiment can reverse.