The total market value of Nigerian banks has risen above N30tn following fresh capital injections from both existing and new investors as lenders race to meet new capital requirements.
Data from the Nigerian Exchange showed that the banking sector’s valuation has more than doubled, largely driven by new share issuances by banks undergoing recapitalisation and improved investor confidence in the sector.
Listed banks dominate the industry’s valuation, accounting for about N21tn of the estimated N30tn total value. These publicly traded lenders control more than two-thirds of the banking sector’s balance sheet.
The five largest banks by market capitalisation — Guaranty Trust Holding Company, Zenith Bank, First HoldCo, Stanbic IBTC Holdings and United Bank for Africa — together account for nearly half of the industry’s value at about N15tn.
A breakdown of their valuations shows Guaranty Trust Holding Company at N4.35tn, Zenith Bank at N3.82tn, First HoldCo at N2.31tn, Stanbic IBTC at N2.12tn and United Bank for Africa at N2.10tn.
Other banks with significant market values include Access Holdings at N1.38tn, Wema Bank at N1.09tn, Ecobank Transnational at N1.07tn, Fidelity Bank at N984bn, FCMB Group at N562bn, Jaiz Bank at N459bn and Sterling Financial Holdings Company at N409bn.
Meanwhile, the Central Bank of Nigeria confirmed that 30 banks have met the new minimum capital requirements ahead of the March 31, 2026 recapitalisation deadline. Since the start of the programme, 33 banks have raised additional funds through rights issues, initial public offerings and private placements.
CBN said the recapitalisation exercise remains on track and is expected to strengthen the banking sector’s capacity to support households, businesses and overall economic growth.
