FBNH crosses N1trn capitalization on NGX

FBN Holdings, the parent group of First Bank Limited, has once again crossed the N1 trillion market capitalization level.

First Bank with a banking network of over 200,000 locations across Nigeria, stock gained 10 per cent to close at N28.60 on January 9, 2024, taking its market capitalization to N1.026trn.

Persecond News reports that this is not the first time First Bank is crossing the N1trn market cap.

The multinational bank and financial services company on December 6, 2023, joined the esteemed group of SWOOTs, denoting Stocks Worth Over One Trillion Market Capitalization.

This magnificent feat by First Bank means there are now 10 companies with a market capitalization exceeding N1trn in the Nigerian Exchange (NGX).

Persecondnews recalls that FBN Holding had gained 160% year-to-date in 2023 after opening the year at about N11.15. The share price closed at N29.4 per share on Wednesday taking its market capitalization to N1,055,321,608,084.80.

FBN Holdings’ stock has seen a significant surge since 2022 when Nigeria’s popular billionaire, Femi Otedola, bought a majority stake in the bank with the stock price virtually quadrupling.