Prime Business AfricaThe Guaranty Trust Holding Company (GTCO), Zenith Bank, United Bank for Africa (UBA), Access Holdings and First HoldCo are the top five most valuable banks in Nigeria.
According to Prime Business Africa’s analysis, the banks, with a combined market capitalisation of N7.46 trillion as at March 28, are the only lenders in the Nigerian stock market’s trillionaire club.
Join our WhatsApp ChannelTheir combined market value rose from N7,46 trillion recorded at the start of the first quarter (Q1) 2025 – indicating an increase of N446.98 billion or 5.98 percent between January and March.
Analysis showed that the increase was primarily driven by GTCO, Zenith Bank and UBA, as the market capitalisation of Access Bank and First HoldCo depreciated during the quarter under review.
Top Five Most Valuable Banks In Nigeria
GTCO
GTCO is the most valuable bank in Nigeria based on its market capitalisation of N2,34 trillion at the end of the first quarter, according to analysis.
The company’s market value increased by 20.70 percent within the first three months of the year, after its share price appreciated from N57 to N68.80 kobo per share.
Consequently, GTCO’s market value increased from N1.94 trillion to N2.34 trillion, enabling the company to retain its position on the list of the most valuable banks in the country.
Zenith Bank
Zenith Bank occupied the second position on the list of the most valuable banks in the country after the value of its shares increased by 2.50 percent from N45.85 kobo to N47 per share.
As a result, Zenith Bank’s market value rose from N1,88 trillion recorded on January 2 to N1.93 trillion at the end of the first quarter, closing the gap between the lender and GTCO.
UBA
UBA also saw a growth in its market value as it increased from N1.16 trillion to N1.26 trillion between January and March to occupy the third spot.
The growth was sustained by a 7.89 percent appreciation in the value of UBA’s shares, which appreciated from N34.20 kobo to N36.90 kobo during the period under review.
Acess Holdings
Acess Holdings, also known as Access Corporation, recorded a decline in its market value, however, it was not enough to lose its fourth position on the list.
The financial institution’s market value decreased from N1.28 trillion to N1.19 trillion between January and March, following a 7.26 percent decline in its share price, which fell from N24.10 kobo to N22.35 kobo.
First HoldCo
First HoldCo completed the top five list of the most valuable banks in Nigeria with N1.18 trillion market capitalisation, which is lower than the N1.17 trillion it started the quarter with.
The market value dropped marginally by 0.17 percent as the price of First HoldCo’s shares depreciated to N28.15 kobo from N28.20 kobo.
Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
