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NGX: Access Holdings, FBNH Join UBA In N1trn Market Cap Club

January 10, 2024
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NGX: Access Holdings, FBNH Join UBA In N1trn Market Cap Club

Access Holdings Plc and the First Bank of Nigeria Holdings on Tuesday, made waves on the Nigerian Exchange Limited, catapulting into the exclusive N1 trillion market capitalization territory.

Reflecting on this, an executive from AccessCorp said: “This achievement underscores our dedication to growth and stability in the financial sector.”

Following United Bank for Africa’s precedent-setting milestone on Monday, both AccessCorp and FBNH gained ground on Tuesday, bolstering their market cap to N1.055 trillion and N1.026 trillion, respectively. An analyst noted, “This consolidation solidifies their position and speaks volumes about investors’ confidence in these institutions.”

READ ALSO: Breaking News: UBA Surpasses N1 Trillion Market Capitalization

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It’s worth noting that while FBNH briefly crossed the N1trn mark in December, Tuesday’s performance solidified its standing in this elite bracket.

Meanwhile, UBA, having entered the coveted club on Monday, witnessed a surge to N1.114 trillion, showcasing consistent growth in the banking sector.

This achievement further highlights the robustness of Nigeria’s tier-1 banks, all now boasting a market capitalization exceeding N1 trillion.

This comes as the Central Bank of Nigeria announced plans conduct another recapitalization exercise in line with President Bola Tinubu’s vision of driving a $1 trillion economy.

This augurs well for the country’s financial landscape and economic aspirations in the coming years.

Emmanuel Ochayi
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Emmanuel Ochayi

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