With the market value of FBN Holdings, the parent company of FirstBank of Nigeria Limited shooting up to N1.22 trillion on the Nigerian Exchange as at close of business, last Friday, the bank became most capitalized bank in Nigeria, overtaking Guaranty Trust Bank which held the top position hitherto.

Reports from the Nigerian Exchange Limited (NGX) indicate that market value of FBN Holdings rose by N107.68 billion from N1.11 trillion that day.

This, the Exchange disclosed, followed a 9.68 percent appreciation in the company’s share price, as it closed at N34, up from N31.

It would be recalled that apart from FirtBank, two other banks in Nigeria are in the trillion naira class; and they are Guaranty Trust Holding Company (GTCO), the parent company of GTBank, which was previously the most capitalized company in the banking industry, and Zenith Bank.

According to the NGX records, after trading hours, last Friday, GTCO’s market valuation was N1.16 trillion, rising slightly from N1.14 trillion, while Zenith Bank did not record an increase in its market capitalization as its valuation remained stable at N1.10 trillion.

Significantly, the increase recorded by FBN Holdings in its market capitalization is coming less than one month after it appointed Femi Otedola, a billionaire Nigerian investor, as the new chairman of its board of directors on January 23, 2024.