The combined market capitalisation of Guaranty Trust Holding Company Plc (GTCO), Zenith Bank Plc, United Bank for Africa Plc (UBA) and 10 other listed banks surged to ₦16.14 trillion in 2025, underscoring renewed investor confidence driven largely by the Central Bank of Nigeria’s (CBN) ongoing banking sector recapitalisation programme ahead of the March 2026 deadline.
The valuation represents an increase of about 86.8 per cent, or ₦7.5 trillion, from the ₦8.64 trillion recorded by the 13 banks on the Nigerian Exchange Limited (NGX) in 2024. At ₦16.14 trillion, banking stocks accounted for an estimated 16.23 per cent of the NGX’s total market capitalisation of ₦99.38 trillion in 2025, reinforcing the sector’s growing weight in the equities market.
The banks included in the analysis are GTCO, Zenith Bank, UBA, Access Holdings Plc, Stanbic IBTC Holdings Plc, Ecobank Transnational Incorporated (ETI), Fidelity Bank Plc, Sterling Financial Holdings Company Plc, Wema Bank Plc, FCMB Group Plc, Jaiz Bank Plc and Unity Bank Plc.
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GTCO emerged as the most capitalised banking stock on the Exchange, with its market value rising to ₦3.3 trillion in 2025 from ₦1.68 trillion a year earlier. Zenith Bank followed with ₦2.54 trillion, up from ₦1.43 trillion, while UBA closed the year at ₦1.71 trillion, compared with ₦1.16 trillion in 2024.
Stanbic IBTC Holdings, the only banking stock to end 2025 trading at ₦100 per share, saw its market capitalisation more than double to ₦1.59 trillion from ₦746.32 billion. Access Holdings ended the year with a valuation of ₦1.12 trillion, up from ₦847.75 billion. ETI’s market capitalisation climbed to ₦994.34 billion from ₦513.8 billion, while Fidelity Bank rose to ₦954.03 billion from ₦560.21 billion.
Wema Bank recorded one of the strongest gains in the sector, with its market capitalisation jumping to ₦818.43 billion from ₦195.01 billion. FCMB Group’s valuation increased to ₦515.4 billion from ₦186.15 billion, Sterling Financial Holdings Company rose to ₦367.4 billion from ₦161.23 billion, and Jaiz Bank closed the year at ₦202.88 billion, up from ₦133.77 billion. Unity Bank’s market capitalisation, however, remained unchanged at ₦17.65 billion.
The rally in banking stocks helped propel the NGX Banking Index to a record gain of 39.77 per cent in 2025, well above the 23.23 per cent recorded in 2024. Market analysts attribute the strong performance largely to the CBN’s recapitalisation reforms, which have encouraged aggressive capital raising and strengthened balance sheets across the sector.
In March 2024, the CBN raised minimum capital requirements for commercial banks, setting thresholds of ₦500 billion for banks with international licences, ₦200 billion for national banks and ₦50 billion for regional banks, with a 24-month compliance window ending in March 2026. According to CBN Governor, Mr Olayemi Cardoso, about 27 banks have raised fresh capital so far, with 16 already meeting the new requirements.
Major lenders including GTCO, Zenith Bank, UBA, Access Holdings, Fidelity Bank, Sterling Financial Holdings Company, FCMB Group and Stanbic IBTC Holdings collectively raised over ₦2 trillion through public offers and rights issues on the NGX in 2025. Data showed that GTCO listed ₦369 billion, Access Holdings ₦351.01 billion and Zenith Bank ₦350.46 billion, while UBA raised ₦239.4 billion. Fidelity Bank listed ₦175.85 billion, FCMB Group ₦167.67 billion, Wema Bank ₦147.8 billion, Stanbic IBTC Holdings ₦148.71 billion and Sterling Financial Holdings Company ₦101.64 billion.
The fundraising exercise was supported by NGX Invest, a digital platform introduced to streamline public offers and rights issues, improving subscription efficiency and operational workflows for issuers.
Commenting on the trend, Vice President of Highcap Securities Limited, Mr David Adnori, said the banking sector stood out as one of the strongest performers on the NGX in 2025, driven by robust demand for bank stocks following the recapitalisation directive. He noted that several offers were oversubscribed, reflecting sustained investor confidence, with Wema Bank, FCMB Group and Stanbic IBTC Holdings leading stock price appreciation during the year.
Adnori, however, advised cautious optimism, noting that while a few banks are still playing catch-up, most listed lenders are expected to meet their recapitalisation targets ahead of the March 2026 deadline.
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