Business
First HoldCo earns record ₦653.5bn H1 profit, shares climb 10%
First HoldCo reported a record ₦653.5bn profit before tax in the first half of 2026, sending its shares up 10% on stronger financial performance
First HoldCo Plc on Monday reported a record ₦653.54 billion profit before tax for the first half of 2026, representing an 83.5 per cent increase from ₦356.15 billion recorded in the corresponding period of 2025, as stronger earnings and improved operational efficiency reinforced investor confidence.
Also read: Wema Bank Named Nigeria’s Top Consumer Digital Bank by Euromoney
The banking group’s profit after tax climbed to ₦526.13 billion, while operating profit rose to ₦651.98 billion, reflecting higher non-interest income, lower credit impairment charges and continued improvements in operational performance.
The financial results also showed steady balance sheet growth. Total assets increased to ₦30.65 trillion, customer deposits rose to ₦21.93 trillion, and loans to customers expanded to ₦9.51 trillion, highlighting the group’s growing capacity to support businesses and economic activity.
Investors responded positively to the impressive performance, pushing First HoldCo’s share price up 10 per cent during trading after the results were released.
Group Chairman Femi Otedola described the results as another significant milestone in the company’s ongoing transformation.
“This is a major milestone in our transformation journey,” Otedola said.
Management said the strong performance reflected deliberate efforts to strengthen the group’s balance sheet, improve asset quality and position the business for sustainable long-term growth.
“The performance reflects our efforts to strengthen the balance sheet, improve asset quality and position the group for long-term growth,” the company said.
The latest earnings extend a period of steady progress for First HoldCo, formerly FBN Holdings, following governance reforms, business restructuring and renewed strategic investment.
The group has also been strengthening its operations as Nigeria’s banking industry adapts to higher capital requirements introduced by the Central Bank of Nigeria.
Also read: Wema Bank Named Nigeria’s Top Consumer Digital Bank by Euromoney
Although banks continue to navigate inflationary pressures, foreign exchange volatility and evolving regulatory conditions, First HoldCo’s latest results underscore its resilience and strengthen its position among Nigeria’s leading financial institutions.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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