Prime Business AfricaOut of 13 banks listed on the Nigerian stock market, three recorded a decline in their shareholders’ investment value, while 10 recorded growth in the first quarter (Q1) of 2025.
During the period in review, the banking index increased by 6.67 per cent or 72.57 basis points from 1,087.42 to 1,159.99 index – indicating the sector had a good outing in the first three months of this year.
Join our WhatsApp ChannelHowever, some banks did not record similar growth, as four lenders, Jaiz Bank, Ecobank, First City Monument Bank (FCMB) and Zenith Bank, fell below the 6 per cent growth rate according to Prime Business Africa’s analysis of the industry’s performance.
Five worst-performing bank stocks
Access Holdings
Access Holdings or Corporation was the worst-performing bank stock in the first quarter of this year after its shareholders lost 7.26 percent of their investment in the company.
The decline in investment, which is a combined loss of N93.30 billion, was on the back of a drop in Access Holdings’ share price, as it ended the period with N22.35 kobo per share from N24.10 kobo reported at the start of the quarter.
As a result, Access Holdings’ market valuation plunged to N1.19 trillion on March 28 from N1.28 trillion on January 2.
Sterling Financial Holdings Company
Sterling Financial Holdings Company’s shareholders lost 6.51 percent of their investment within three months, making the lender’s stock the second-worst-performing in the Nigerian equity market.
The loss followed a decline in the company’s share price, which was N5.83 kobo as of January 2, but was trading at N5.45 kobo as of March 28.
Prime Business Africa gathered that the 6.51 percent decline in investment represents a combined loss of N17.27 billion in Q1, the same period Sterling’s market valuation fell from N265.01 billion to N247.74 billion.
First HoldCo
First HoldCo, formerly FBN Holdings, was ranked third on the list of the worst-performing bank stocks after its shareholders’ investment declined marginally by 0.17 percent.
According to data obtained from the Nigerian Exchange Limited (NGX), the decrease reflected in the share price, as it depreciated by only N0.05 from N28.2 kobo to N28.15 kobo during the reviewed period.
That led to First HoldCo shareholders losing a combined gain of N2.09 billion and decreased the company’s market valuation from N1.18 trillion to N1.17 trillion.
FCMB
First City Monument Bank (FCMB) occupied the fourth position on the list of the worst-performing bank stocks, not because the shareholders’ investment value dropped, but because they recorded the second-lowest growth.
Analysis of FCMB’s market performance showed that shareholders of the company recorded only a 2.64 percent increase in their investment value due to the share price of the company rising slightly from N9.45 kobo to N9.70 kobo.
Also, FCMB’s market valuation rose marginally from N374.27 billion to N384.17 billion within the period under review.
Zenith Bank
Zenith Bank was ranked fifth on the list after shareholders’ investment value rose marginally by 2.50 percent, as the share price went from N45.85 kobo to N47.
This added N47.23 billion to Zenith Bank’s market valuation, which increased slightly from N1.93 trillion on January 2 to N1.88 trillion as of March 28.
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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.
