Prime Business Africa
The number of commercial banks valued at over N1 trillion on the Nigerian Exchange (NGX), also known as the stock market, increased to six at the end of 2025, up from five at the start of the year.
Out of 11 commercial banks listed on the NGX, Prime Business Africa’s analysis showed that Guaranty Trust Holding Company (GTCO), Zenith Bank, First HoldCo, United Bank for Africa (UBA), Stanbic IBTC, and Access Holdings are the only financial institutions worth a trillion-naira at the end of last year.
Join our WhatsApp ChannelDuring the period under review, it was gathered that the total market value of the banks in the Nigerian stock market increased from N4.64 trillion to N11.52 trillion, reflecting a N16.17 trillion increase.
Banks Worth Over N1trn In Nigeria In 2025
GTCO
GTCO maintained its top position on the list of the most valuable banks in Nigeria in 2025 after its share price increased by 59.12 percent or N33.7 kobo between the first quarter and the fourth quarter.
- The financial institution’s share price had increased from N57 per share on January 2, 2025, to N90.70 kobo on December 31, 2025, leading to GTCO’s market value rising by N1.22 trillion during the period.
- According to Prime Business Africa’s analysis, GTCO started last year with a N2.07 trillion market valuation, however, the company ended the period with N3.30 trillion capitalisation.
Zenith Bank
With N655.06 billion gain in its market capitalisation between January and December of 2025, Zenith Bank closed last year as the second most valuable company in the financial industry on the Nigerian bourse.
- The company had recorded the surge after its share price skyrocketed by N15.95 kobo, as equity traders bought the shares at N61.80 kobo per share at the start of Q1 2025, compared to the N45.85 kobo it was traded at the end of Q4.
- It was gathered that the 34.78 percent increase in Zenith Bank’s share price led to the company’s market valuation on the NGX increasing from N1.88 trillion to N2.53 trillion during the period under review.
First HoldCo
Prime Business Africa’s analysis showed that First HoldCo rose from the fifth position to the third position following a 69.85 percent appreciation in the financial institution’s share value between January and December.
- The share was traded at N28.20 kobo on January 2, 2025, by equity traders in the Nigerian stock market, but the price of a share of First HoldCo reached N47.90 kobo on December 31, 2025, indicating traders were willing to pay N19.7 kobo more within 12 months.
- Following the increase, First HoldCo recorded a surge in its NGX valuation, which jumped from N1.25 trillion at the start of 2025 to N2.12 trillion at the end of last year, representing a N875.73 billion increase.
UBA
At the end of 2025, UBA dropped on the list of the most valuable banks in Nigeria, closing the year at the fourth position, compared to the third spot it was ranked at the start of last year.
- This is despite the company’s share value appreciating by 21.78 percent, from N34.20 kobo per share recorded at the start of the first quarter to N41.65 kobo at the end of the fourth quarter, representing a N7.45 kobo increase in the share price.
- Consequently, Prime Business Africa gathered that the market valuation of UBA increased by N329.26 billion, from N1.51 trillion on January 2, 2025, to N1.84 trillion on December 31, 2025.
Stanbic IBTC
Stanbic IBTC displaced Access Holdings from the fifth spot on the list, as the former rose from the sixth position following a bullish run which saw the company’s share price rise by 72.41 percent between January and December.
- The company occupied the fifth position with N1.59 trillion market valuation at the end of last year, compared to the N922,30 billion Stanbic IBTC was valued in the Nigerian stock market at the start of 2025.
- Stanbic IBTC’s market valuation increased by N667.87 billion within 12 months after the cost of the company’s share soared by N42, from N58 per share on January 2, 2025, to N100 on December 31, 2025.
Access Holdings
Access Holdings lost its fifth spot on the list of the most valuable banks in Nigeria to Stanbic IBTC after its share price declined by 12.86 percent between the first quarter and the fourth quarter of last year.
- The share price of Access Holdings was N24.10 kobo on January 2, 2025, before it dropped to N21 on December 31, 2025, reflecting that equity traders were only willing to buy the share for N3.1 kobo less.
- Furthermore, the decline resulted in a N165.28 billion decrease in Access Holdings’ market valuation, which dropped from N1.28 billion at the start of January 2025 to N1.11 trillion at the close of December, leading to the company occupying the sixth position.
Key Takeaways
Analysis further showed that eight companies recorded a change in their position, while three companies maintained their spots.
- First HoldCo moved from 5th to the 3rd spot
- UBA moved from 3rd to 4th position
- Stanbic IBTC moved from 6th to 5ft spot
- Access Holdings moved from 4th to 6th position
- Ecobank moved from 8th to 7th spot
- Fidelity Bank Plc moved from 7th to 8th position
- Wema Bank moved from 10th to 9th spot
- FCMB Group Plc moved from 9th to 10th position
- Sterling Financial Holdings Company maintained its 11th spot
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