10 Banks Emerge as Most Valuable in Nigeria by Market Capitalisation
- Ten Nigerian banks emerged as the most valuable commercial banks based on market capitalisations
- The list was led by Zenith Bank and Guaranty Trust Holding Company, with a value of over N5 trillion
- The combined market value of 10 listed Nigerian financial institutions on the NGX rose to N24 trillion
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Ten commercial banks that are listed on the Nigerian Exchange had a combined market value of N24 trillion as of Monday, May 25, 2026.
The data compiled by Legit.ng showed that the list is led by Zenith Bank Plc, followed closely by Guaranty Trust Holding Company (GTCO).
Source: Getty Images
A company's market capitalisation is its net worth based on the stock exchange's assessment of value. This is determined by multiplying a company's current share price by the total number of its outstanding shares.
Most valuable Nigerian banks by market capitalisation
Below are the current top 10 most valuable banks in Nigeria based on their market capitalisation:
This is achieved by taking the current share price of the company multiplied by its number of issued shares.
1. Zenith Bank – N5.42 Trillion
Leading the pack is Zenith Bank Plc with a market capitalisation of N5.42 Trillion and the current share price at N131.95.
The tier-1 bank continues to put in a good performance in earnings growth, attracting a high level of investors.
2. Guaranty Trust Holding Company (GTCO) – N5.28 Trillion
GTCO follows Zenith Bank Plc in second place with a market capitalisation of N5.28 trillion and at a current share price of N144.35.
The lender remains one of the most active bank stocks as investor appetite remains robust.
3. First HoldCo – N3.11 Trillion
First HoldCo comes third in terms of market value at N3.11 trillion with a share price of N69.95.
The stock has experienced increased investor interest recently as investors seem keen to pick up banking stocks.
4. Stanbic IBTC Holdings – N2.77 Trillion
Stanbic IBTC follows in fourth position with a market capitalisation of N2.77 trillion at a current share price of N174.50.
The financial institution commands a huge following from institutional investors who appear very interested in the stock.
5. United Bank for Africa (UBA) – N1.99 Trillion
UBA places fifth as the most valuable Nigerian bank with a market capitalisation of N1.99 trillion and the stock currently selling for N45.00.
The lender is able to attract both local and foreign investors due to its strong brand presence.
6. Fidelity Bank – N1.50 Trillion
Fidelity Bank places sixth on the most valuable banking stocks with a market capitalisation of N1.50 trillion and the stock trading for N23.75.
Investor demand for mid-tier bank stocks has continued to be strong.
7. Access Holdings – N1.36 Trillion
Access Holdings places seventh in terms of market value at N1.36 Trillion at a share price of N25.00.
The group's ability to expand its footprint in Africa and acquire businesses is a key factor attracting investors.
8. Wema Bank – N1.36 Trillion
Wema Bank also had a market capitalisation of N1.36 Trillion with the stock currently trading for N33.95.
The bank seems to remain a favourite for many within the mid-tier segment.
Source: Getty Images
9. FCMB Group – N788.16 Billion
FCMB Group holds the ninth position with a market capitalisation of N788.16 billion at a current share price of N11.95.
Despite its large share base, the stock is valued far lower than its banking counterparts.
10. Sterling Financial Holdings – N401.30 Billion
Sterling Financial Holdings places tenth among the top most valuable banks with a market capitalisation of N401.30 billion at the current price of N7.70.
The lender remains the cheapest among the top-listed banks.
Banks meet CBN's capital requirement
Earlier, Legit.ng reported that 30 commercial banks in the country met the new minimum capital requirements introduced as part of the ongoing banking sector recapitalisation programme.
In a statement released on Friday, the apex bank’s Acting Director of Corporate Communications, Hakama Sidi Ali, said several banks have taken steps to strengthen their capital base since the policy was introduced in 2024.
A total of 33 banks successfully raised fresh capital through different funding channels, including rights issues, initial public offerings (IPOs) and private placements.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
