Nigerian Banks' Market Capitalisation Reaches N27.4tn

As of July 31, 2026, the combined market capitalisation of major Nigerian banks, including First Bank (First HoldCo Plc), Zenith Bank, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa (UBA), Access Holdings Plc, Fidelity Bank, and Wema Bank, rose to N27.4 trillion from N23.33 trillion at the end of June. This valuation accounted for approximately 17.3% of the Nigerian Exchange Limited (NGX) overall market capitalisation of N158.33 trillion.

The NGX Banking Index increased by 22.10% in July, outperforming other sectoral indices. First HoldCo became the most capitalised banking stock, with its market capitalisation soaring from N2.55 trillion in June to N5.88 trillion in July, following a 131.13% rise in its share price.

This surge was attributed to share accumulation by its Chairman, Mr. Femi Otedola, and positive investor reactions to its H1 2026 financial results, which showed an 83.5% increase in profit before tax to N653.5 billion.