First HoldCo Achieves 31.63% ROAE, Leading African Banks

First HoldCo Plc reported a 31.63% return on average equity (ROAE) for the first quarter of 2026, outperforming all tier-1 banks in Nigeria and six major South African banks. This performance exceeded Zenith Bank's 24.90%, Guaranty Trust Holding Company's 24.80%, Access Holdings' 19.86%, and United Bank for Africa's 13.70%.

The median ROAE among the five Nigerian banks was 24.80%. In comparison, South African banks showed lower returns, with Capitec at 29.12% and FirstRand at 19.58%.

By the end of the first half of 2026, First HoldCo's ROAE settled at 30.37%. The company's shares, which hit a record N159.90 on September 1, have gained 194.4% year-to-date as of September 14.

The chairman holds approximately 27.6% of the company and aims to increase his stake beyond 51%. First HoldCo has also been included in the FTSE Russell index, effective September 21, as Nigeria returns to the Frontier Market classification.