First Holdco Declines by 8% to N2.043trn after Re-Rating
The market value of First Holdco Plc’s 41.877 billion shares outstanding in the Nigerian stock market dropped by about 8% week on week to close at N2.043 trillion at the close of the trading session on Friday.
The market capitalisation of the non-operating holding company of First Bank of Nigeria Limited crossed N2 trillion mark after sharp and furious directors dealing in the local bourse in December.
The significant insider shares accumulation triggered First Holdco’s re-rating, with its single largest shareholder now controlling 18% of the group shares outstanding.
First HoldCo was valued at N2.043 trillion at the close of the trading session on Friday when 8.142 million units of the HoldCo valued at N383 million were transacted.
The group valuation is 12% below its latest rise, reflecting quick profit-taking actions. Share price declined to N48.8 week on week from pre-Christmas close of N53.
MarketForces Africa reported that the group’s profit after tax slumped by 13% year on year to N458 billion at the end of 9 months of financial year 2025, driven by weak non-core income and elevated operating expenses.
First Holdco performance was significantly affected by the withdrawal of forbearance granted by the Apex Bank during covid19 and tightening of single limit obligor.
The move cast doubt on First Holdco dividend payment outlook, though it latest re-rating bolstered investors capital gain significantly. The market anticipates First Holdco earnings to reflect development in the banking sector with some margin dilutive regulatory actions and increasing rivalry with Fintech companies.
The recapitalised First Holdco is expected to step up its earnings performance as the market anticipates Q4 unaudited financial statement to be delivered soon.
The group has announced that its Board of Directors will be meeting on Thursday, January 29, 2026, to consider its Unaudited Accounts for the period ending December 31, 2025 (2025 Q4 UFS).
It stated that the closed period has commenced on January 1, 2026, and will continue until twenty-four (24) hours after the company’s 2025 Q4 UFS and 2025 Audited Financial Statements are filed via the Issuers’ Portal of NGX. UBA Target Price Set at N71 Per Share Ahead of Q4

