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.
Africa’s technology ecosystem has produced innovative fintech, e-commerce and digital service companies. But there is another important part of the technology value chain that deserves attention: semiconductor engineering.
ChipMango is developing capabilities in chip design, verification and emerging hardware technologies. Its story demonstrates the kind of specialised innovation that deserves greater investment and attention.
Through Boost Africa, a joint initiative of the European Investment Bank (EIB) and African Development Bank, supported by the EU, the EIB helps channel investment through venture capital funds to innovative African enterprises. Discover how this
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From smartphones and laptops to vehicles and AI systems, semiconductors are essential to modern technology. Yet, the expertise required to design these components remains concentrated in a relatively small number of global
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Business
ChipMango: Building Nigeria’s Semiconductor Engineering Capabilities for the Global Tech Industry
Africa’s participation in the global technology industry should go beyond
using digital products and services.
African engineers also have an opportunity to contribute to the technologies themselves, including the semiconductors that power smartphones, computers, vehicles and artificial intelligence.
Nigerian semiconductor technology company ChipMango is working to develop this capability by connecting engineering education with practical chip-design and verification projects.
Through its investment in African venture capital funds, the European Investment Bank (EIB), under the Boost Africa
initiative, is helping strengthen the ecosystem that supports innovative businesses like ChipMango.
Boost Africa is a joint initiative of the EIB and African Development Bank, supported by the European Union.
Watch the video to discover ChipMango’s story and the opportunities it is helping create.
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