October 06, (THEWILL) — The shares of First HoldCo Plc rallied 12.3 percent on the Nigerian Exchange (NGX) as of September 30, 2025, setting the tone for another stellar performance in Q3 results, after the impressive record that hit industry waves in H1. Investigation revealed that First HoldCo stock has remained investors’ appetite since the year following strategic corporate governance overhaul that endeared stakeholders.
Data from the NGX revealed that First HoldCo closed its Q3 trading day on September 30, 2025, at N31.50 per share, recording a 1.6 percent gain over its previous closing price of N31.00 on Monday, September 29.
However, First HoldCo which began the year with a share price of N28.05 has since gained 12.3 percent on the N31.50 price valuation, ranking it among the top performers in terms of year-to-date record.
The local bourse also showed that First HoldCo is the 19th most traded stock on the NGX over the past three months (Jul 2 – Sep 30, 2025). The stock has traded a total volume of 1.17 billion shares—in 32,176 deals—valued at N37.4 billion over the period, with an average of 18.6 million traded shares per session.
A volume high of 101 million was achieved on September 23, and a low of 2.76 million on September 4, for the same period. Stakeholders and industry analysts commend First HoldCo stock performance amid a challenging environment and the fierce competition among the deposit money banks towards the March 31, 2026 recapitalisation deadline.
An investment expert and Chairman, Trusted Shareholders Association, Mukhtar Mukhtar, echoed investors’ optimism for enhanced returns on First HoldCo in 2025, following the impressive performance of the behemoth financial services institution on the NGX since the year.
“First Bank has become the pearl of the capital market since the Femi Otedola-led board transformed the institution. The current share price is a huge improvement compared to when it hovered around N1.00 and N1.50 per share. We are optimistic of handsome returns this year because of the rejuvenated corporate leadership the bank has seen at the board level,” Mukhtar told THEWILL in a telephone chat.
Mrs Bisi Bakare, National Co-ordinator, Pragmatic Shareholders Association of Nigeria, expressed shareholders’ joy over the performance of the bank since the year.
“Shareholders commend the board and management of First HoldCo Plc for the impressive half-year result which shows a capital appreciation gain of 12.3 percent so far despite the challenging business environment,” Bakare said.
“Given challenging economic as well as the recapitalisation pressure, we expect the management in Q3 – Q4 to:
- Strengthen core operations: Continue to build on growth in commercial banking and other financial services.
- Manage costs effectively: Implement strict cost control measures to protect profitability.
- Optimize asset management: Ensure efficient management of assets to generate returns for the company and its stakeholders.
- Maintain strong liquidity: Keep a strong liquidity position to meet short-term obligations and depositor demands,” the shareholder-group leader outlined in a note to THEWILL.
FirstHoldCo Plc had reaffirmed its commitment to meeting the N500 billion capitalisation target set by the Central Bank of Nigeria (CBN), stating that it expected to achieve the requirement within a few weeks.
The financial institution, also, pledged higher dividends for shareholders at the conclusion of the 2025 financial year, signaling confidence in its profitability and future growth potential.
During its 13th Annual General Meeting (AGM) held in Lagos in May, FirstHoldCo approved a dividend of 60 kobo per 50 kobo ordinary share, amounting to N25.13 billion, a substantial increase from the N14.36 billion distributed in 2023
Speaking at the AGM, FirstHoldCo Chairman, Femi Otedola, addressed the concerns of shareholders, assuring them that once the N500 billion capitalisation requirement was met, the company would prioritise enhancing dividend payouts.
“I will never put water in a basket; my foray into this institution is very divine,” Otedola declared.
“Today, after we have completed the private placement, which we are embarking on in another two weeks, I would have invested over N300 billion into this institution. Most of you shareholders, I know very well, we’ve been on this journey since the days of African Petroleum, 2007. So, it’s been a long way.”
He added, “We thank God for His grace, and I want to assure you that I, too, as a shareholder, am not going to accept a 60 kobo dividend. I will not. Considering how much I’ve invested in this institution; I want you to be patient. God’s time is the best.”
Otedola also appreciated President Bola Tinubu’s economic reforms and the Central Bank of Nigeria’s policy credibility under Governor Yemi Cardoso as the key reasons behind his N320 billion personal investment in First Bank
First Holdco, which warehoused Nigeria’s oldest bank, recorded an impressive topline in H1 2025 as gross earnings expanded by 16.8 percent year-on-year to N1.626 trillion from N1.392 trillion the financial services group delivered in the equivalent period in 2024. Net interest income rose sharply, supported by a high-interest rate environment in Nigeria, while related expenses grew at a slow pace.
Its H1 2025 financial results revealed that net income climbed by 75.7 percent year-on-year from N514.93 billion to N904.83 billion because interest income rose by 51.7 percent while interest expenses increased by 23.1 percent.
First HoldCo digital banking revenue was not specified, but its non-interest income (which includes electronic payment income) grew to N74.5 billion in H1 2025, a rise from N58.4 billion in the previous year. This growth was a significant driver of the company’s overall gross earnings.
The net fee and commission income, a component of non-interest income that includes electronic banking, rose to N74.5 billion in H1 2025 from N58.4 billion in the same period of 2024. First HoldCo maintains a strong position in retail and electronic payments in Nigeria, focusing on digital banking and financial inclusion. In H1 2025, the company processed over 1.3 billion electronic banking transactions.
First HoldCo recorded approximately N187.6 billion from its last concluded Rights Issue, which was oversubscribed by 25 percent and exceeded the initial target of N150 billion. This completed capital raise constituted the first part of its recapitalization programme as the company planned a further N350 billion private placements to reach the required capital thresholds.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
