Shares of First HoldCo Plc hit a record high of N87.25 on the Nigerian Exchange (NGX) on Thursday, driving the bank’s market capitalization above N3.8 trillion for the first time. The stock has surged over 55% month-to-date, fueled by investor optimism regarding its recapitalization strategy and a strong earnings rebound in Q1 2026. The rally is further supported by consistent share accumulation from Chairman Femi Otedola, whose stake has now risen to 20.42%. Following a significant balance-sheet cleanup in 2025, the firm has already surpassed the Central Bank of Nigeria’s minimum capital requirement, signaling improved profitability and future dividend potential.