Nigerian Top 5 Banks’ Valuation Increases to N12 Trillion
GTCO, Zenith, and other top big Nigerian banks’ combined market value climbed to N12 trillion at the close of the trading session on Friday, according to data obtained from the Nigerian Exchange.
The tier-1 lenders have seen significant re-rating supported by recapitalisation exercises, which have triggered a surge in their respective shares outstanding in the local bourse.
Their post-capital-raise trading activities have boosted their re-rating by more than 100%, according to trading data tracked and reported by MarketForces Africa.
The top five banks in Nigeria had a worth of less than N6 trillion in mid-2025 due to low valuation in Access Holdings and First Holdco in particular.
Data obtained from the Nigerian Exchange showed that GTCO remains the most valuable financial company in the stock market. Though its share price wobbled last week, the orange-branded financial services group’s market value was N3.604 trillion – more than First Holdco and Access Holdings Plc put together.
Zenith Bank Plc maintains its challenger ranking, tracking GTCO back-to-back, with analysts seeing the possibility of catching up, citing dividend and earnings direction.
In the last third-quarter earnings release, Zenith Bank Plc’s performance was healthy and ranked among lenders that were able to weather regulatory storms and margin-dilutive development in the sector.
Data from the Nigerian stock market showed that market value of Zenith Bank’s 41.069 billion outstanding shares increased by 4.3% week on week to N2.868 trillion.
First Holdco Plc has replaced UBA as the third most valuable financial institution in the Nigerian market as of the close of trading session on Friday. The stock has seen a strong rally since its directors increased their bets ahead of final quarter of 2025 earnings.
MarketForces Africa reported that First Holdco delivered an unimpressive earnings performance at the end of 9 months of financial year 2025 due to multiple pressures including costs and forbearance withdrawal.
But Femi Otedola significant shares acquisition has become a catalysts for re-rating, and this has fuelled some tag along buy side actors in the local bourse.
The Marina-headquartered financial company saw about 12.8% price appreciation that lifted the market value of its 44.453 billion outstanding shares to N2.311 trillion on Friday.
It is worth noting that First Holdco had surpassed all the tier-1 banks in terms of market value before it turned to a fallen angel – then, the market started watching if the group would maintain its position with its latest re-rating.
Valued at about N2 trillion, UBA Plc is now the fourth on the radar. The group experienced a mild price appreciation in the stock market last week, gaining 2.7% after it latest share listing announcement.
The outlier was the only lender that posted a year-on-year profitability surge at the end of the first nine months of financial year 2025, supported by diversified income sources.
The company shares appeal to investors with stable dividend payments, and UBA has continued to maintain the record. UBA had been at the intersection of Tier-1 banks’ market value, and analysts have the stocks rated buy across buckets.
Access Holdings Plc, the largest financial services group, which adopted strategic acquisition as its growth strategy, attracts the lowest valuation in the Tier-1 banks segment. The stock trades in heavy volume, but its share price has continued to underperform market expectations.
Trading data from the Nigerian Exchange showed Access Holdings Plc had a small weekly gain that lifted its market value to N1.212 trillion at the close of the trading session on Friday.
Some analysts told MarketForces Africa that there is valuation disorder for Access Plc, saying Nigeria’s largest financial institution is valued like a bank rather than a conglomerate, citing diversified assets, earnings and African footprint. First Holdco Gains 12.8% as Investors Tag Along with Otedola
