Otedola commends FirstHoldCo's FTSE Frontier 50 admission

FirstHoldCo will join the FTSE Frontier 50 Index on 21 September 2026, placing it among six Nigerian companies represented in the index. FTSE Russell disclosed the inclusion in a market notice dated 4 September.

Chairman Femi Otedola said the move "affirms the transformation we are driving, the confidence investors continue to place in our institution, and the strength of our governance and business model." The FTSE Frontier 50 Index comprises companies that meet stringent requirements relating to market capitalisation, liquidity, free float, governance and investability.

The six Nigerian stocks on the index are First HoldCo, Dangote Cement, MTN Nigeria, Aradel Holdings, Guaranty Trust Holding Company and Zenith Bank. Nestlé Nigeria, Nigerian Breweries, Presco and Stanbic IBTC Holdings were left out, despite being large enough for the wider list.

The key facts

Why it matters

The inclusion strengthens visibility among global institutional investors seeking exposure to Nigeria and other frontier markets. For Nigerian investors, it signals that FirstHoldCo's improved financial results, strategic execution and enhanced governance have passed the scrutiny of international index providers—typically a prelude to deeper liquidity and ETF inflows.

The six tickers—FBNH, DANGCEM, MTNN, GTCO, ZENITHBANK and ARADEL—already dominate the NGX by market cap. Year-to-date yields on the stocks are 213%, 69.8%, 59.1%, 46.3%, 108% and 122% respectively, underscoring the breadth of the rally that preceded this recognition.

What to look out for

Changes take effect after the close of trading on 18 September, with the revised index effective from 21 September. Watch for passive fund flows into the six names as frontier-market ETFs rebalance. FirstHoldCo's statement noted it has met the CBN's new minimum capital requirement and remains focused on strengthening capital—a sign more share issues or strategic moves may follow.