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The recent surge in First HoldCo Plc has solidified its position as the top-performing Tier-1 banking stock on the Nigerian Exchange (NGX) in 2025.
As of December 21, 2025, the stock has delivered a 60.25% Year-to-Date (YTD) return, significantly outperforming its “Fantastic FIVE” (First HoldCo, UBA, GTCO, Access Holdings, and Zenith Bank) peers .
The stock’s momentum is largely tied to Chairman Femi Otedola raising his direct and indirect stake in First HoldCo to 16.98% in December 2025. This move has signaled strong institutional confidence in the bank’s long-term restructuring.
This rally, which accelerated in late Q4, has seen the share price rise from its January opening of ₦28.05 to its current level at ₦44.95, driving the company’s market capitalization to the ₦1.882 trillion ($1.3 billion) mark.
Next in line among the Tier-1 lenders is Guaranty Trust Holding Company (GTCO) which has returned +54.56% ytd, Zenith Bank +39.12%, United Bank for Africa (UBA) +17.65% and Access Holdings which is the only one among them to have negative returns ytd at -14.05%, according to data compiled by MoneyCentral.
Investors are also optimistic about First HoldCo’s ongoing capital raise.
The market views the ₦500 billion equity target as a “war chest” that will allow the bank to maintain its Tier-1 status under the CBN’s new capital requirements while expanding its lending book.
Also, despite a slight dip in Q3 profit due to higher impairment charges, First HoldCo reported a 71.7% increase in net interest income (₦1.5 trillion), showing that its core commercial banking operations are thriving in the high-interest-rate environment.
Otedola’s conviction buy
The Chairman of First HoldCo Plc, Femi Otedola, last week acquired ₦14.8 billion worth of additional shares marking a significant consolidation of power in Nigeria’s oldest financial institution.
Disclosed on December 18, 2025, the transaction saw Otedola purchase 369,986,122 shares at a unit price of ₦40.06.
This move is part of a broader trend of insider buying as Tier-1 banks race to meet the Central Bank of Nigeria’s (CBN) ₦500 billion minimum capital requirement by April 2026.
This latest purchase, executed through Calvados Global Services Limited (an investment vehicle linked to Otedola), significantly shifts the bank’s ownership structure.
Otedola’s combined direct and indirect stake has risen to approximately 16.98% up from 16.1% in September 2025.
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