First HoldCo records record half-year profit as Otedola nears 22% stake

Nigerian banking group First HoldCo, the holding company of First Bank of Nigeria, released unaudited six‑month results on 20 July 2026. Profit before tax rose to 653.5 billion naira and net profit reached 526.1 billion naira, up roughly 82 % year‑on‑year. Gross revenue grew 16.7 % to 1.93 trillion naira, total assets climbed 12.5 % to 30.65 trillion naira and customer deposits increased 16.2 % to 21.93 trillion naira, while credit growth was modest at 6.1 %. The company’s shares jumped more than 10 % on the day of the announcement, hitting a record 105.50 naira.

Chairman Olufemi (Femi) Otedola deepened his ownership through a insider purchase of 706.1 million shares for about ₦77.6 billion, executed on the Nigerian Exchange floor at ₦109.88 per share. The transaction raises his effective holding to roughly 22 % of First HoldCo’s issued capital, reinforcing his role as the group’s largest shareholder and boosting investor confidence in the bank.