Nigerian Banks' Valuation Surges Ahead of Recapitalization

As of March 27, 2026, thirteen banks listed on the Nigerian Exchange have experienced a significant increase in market valuation, rising from N8.08 trillion to N20.83 trillion, just two days before the recapitalization deadline mandated by the Central Bank of Nigeria (CBN). The recapitalization exercise commenced on April 1, 2024.

Notably, Jaiz Bank PLC and Wema Bank PLC recorded the highest percentage growth at 335.4% and 211.76%, respectively. The current market valuations of major banks include Guaranty Trust Holding Company PLC at N4.24 trillion, Zenith Bank PLC at N4.23 trillion, and First Bank Holding Company PLC at N2.24 trillion.

The CBN has also announced new minimum capital requirements for various categories of banks, with compliance expected by March 31, 2026. This recapitalization is seen as a measure to enhance investor confidence and strengthen the financial services sector in Nigeria.