FirstHoldCo Plc has become the first Nigerian banking group to surpass a N6tn market capitalisation, marking a historic milestone for the country’s financial sector as sustained investor appetite continues to drive its share price higher.

The financial services holding company crossed the threshold during trading on the Nigerian Exchange Limited on Monday, with its shares climbing to N136.50. At that price, and with 45.48 billion outstanding shares, the group’s market capitalisation rose to about N6.21tn.

The milestone comes less than two weeks after the financial services group first exceeded a N5tn market capitalisation. Continued buying interest on the Nigerian Exchange has added more than N1tn to the company’s market value in under a fortnight.

Since the beginning of 2026, FirstHoldCo’s shares have gained 184.97 per cent, including a 143.53 per cent rally since the end of June. The strong performance has made the lender one of the best-performing large-cap stocks on the NGX this year.

The stock’s rally accelerated after the group released its half-year financial results, which showed strong growth in both revenue and profit. Analysts attributed the sustained gains to renewed investor confidence in Nigeria’s banking sector, supported by wider net interest margins amid elevated interest rates and increased transaction volumes across digital banking channels.

The surge also coincides with the Central Bank of Nigeria’s recapitalisation programme, which required commercial banks with international licences to raise their minimum capital base to N500bn by March 2026.

Institutional investors have increasingly shifted capital toward tier-1 banks with strong balance sheets, healthy capital adequacy ratios and well-defined strategies for meeting the Central Bank’s recapitalisation requirements.

For FirstHoldCo, the parent company of First Bank of Nigeria Limited and its merchant banking, asset management and insurance subsidiaries, the record valuation marks a significant turnaround after years of corporate governance reforms and balance sheet restructuring aimed at reducing non-performing loans.

Although surpassing the N6tn market capitalisation mark does not directly affect the group’s day-to-day operations, analysts say it reflects strong investor confidence in its future earnings potential and dividend prospects.

Investors will now be watching whether FirstHoldCo can sustain its valuation in the coming quarters, with attention focused on its third-quarter financial results, potential corporate actions and the execution of its long-term growth strategy.

The development comes after it was reported that billionaire businessman Femi Otedola increased his stake in FirstHoldCo by acquiring an additional 1.77 billion shares through his investment vehicle, Calvados Global Services Limited.