Nigerian Banks' Market Value Exceeds N28 Trillion in 2026

As of August 2026, the market capitalisation of 12 banks listed on the Nigerian Exchange Limited (NGX) reached N28.4 trillion, up from N16.12 trillion in December 2025, marking a N12.3 trillion or 56.8% Year to Date (YtD) growth. This increase is attributed to impressive corporate earnings and heightened investor demand.

The banking sector's capitalisation constitutes approximately 18.03% of the overall NGX market capitalisation of N157.74 trillion. First Holdco Plc emerged as the most capitalised banking stock at N6.59 trillion, a significant rise from N2.01 trillion in December 2025, with its stock price appreciating by 202.7% to N145 per share.

Zenith Bank Plc and Guaranty Trust Holding Company Plc (GTCO) followed with market capitalisations of N5.23 trillion and N4.86 trillion, respectively. The NGX Banking Index appreciated by 73.11% YtD, outperforming other indices, while the overall NGX All Share Index increased by 56.9%.

Nigeria regained its Frontier Market status on September 21, 2026, after a three-year absence.