Prime Business Africa
The market valuation of Nigerian banks listed on the Nigerian Exchange (NGX), also known as the stock market, increased by N3.26 trillion in the first quarter (Q1) of 2026, according to Prime Business Africa’s (PBA) analysis.
PBA analysis showed that the combined valuation of the 11 banks on the bourse increased from N16.84 trillion on January 2 to N20.10 trillion on March 31, representing an appreciation of 34.23 percent.
Join our WhatsApp ChannelThe banks listed on the NGX are Access Holdings, Ecobank Transnational, FCMB Group, Guaranty Trust Holdings Company (GTCO), Zenith Bank, Stanbic IBTC, Fidelity Bank, Wema Bank, Sterling Financial Holdings Company, First HoldCo, and United Bank for Africa (UBA).
During the period under review, Prime Business Africa gathered that 10 banks recorded growth in their valuation, while only Fidelity Bank’s worth remained unchanged in the stock market.
Five Banks With Highest Valuation In Nigeria
GTCO
Between January and March, GTCO saw its market worth surge by 22.04 percent, according to analysis, to N4.11 trillion, which makes the financial institution the bank with the highest valuation in the bourse.
- In monetary terms, GTCO’s market valuation had increased by N743.79 billion from N3.37 trillion at the start of the year after high demand for the company’s shares pushed the price up by N20.35 kobo.
- It was gathered that equity traders were willing to pay N112.65 kobo per share at the end of the quarter under review, compared to the N92.30 kobo they were trading GTCO’s share at the beginning of January.
Zenith Bank
Prime Business Africa ranked Zenith Bank as the second most valuable financial institution in the banking industry on NGX after its market capitalisation closed the first quarter at N3.93 trillion.
- The market valuation had started the first quarter at N2.64 trillion, indicating an increase of N1.28 trillion, which was driven by the N31.3 kobo increase recorded in Zenith Bank’s share price during the period.
- Zenith Bank’s share price had appreciated by 48.52 percent within the three months under review, rising from N64.50 kobo per share at the start of January to N95.80 kobo at the end of March.
First HoldCo
First HoldCo occupied the third spot on the list of banks with the highest market valuation, after its market value jumped from N2.16 trillion to N2.22 trillion during the period under review.
- The lender’s market valuation had increased by N53.34 billion following a N1.2 kobo or 2.45 percent between January and March, according to Prime Business Africa’s analysis.
- At the beginning of the first quarter, First HoldCo’s share was trading at N48.80 kobo, however, by the end of the same period, the financial institution’s share price had increased to N50.
Stanbic IBTC
Stanbic IBTC took over the fourth spot, overtaking the United Bank for Africa on the list of the most valuable banks in Nigeria, after its market valuation increased by N526.34 billion within the first quarter.
- According to PBA analysis, Stanbic IBTC started the quarter under review in the fifth spot, as its market valuation was N1.59 trillion as of January 2, however, at the end of March, the company’s worth in the NGX soared to N2.11 trillion.
- The surge in Stanbic IBTC’s market capitalisation occurred after the company’s share price increased by N33.1 kobo or 33.1 percent, rising from N100 to N133.10 kobo per share within Q1.
UBA
UBA was the only bank that declined in the top five list despite recording an increase in its market valuation, which was the fifth highest capitalisation among its peers during the period under review.
- The bank’s market worth in the stock market was put at N1.9 trillion at the start of January, and by the end of the first quarter, UBA’s market valuation had surged to N2.05 trillion.
- According to analysis, the N150.26 billion increase in UBA’s market valuation was driven by a N3.4 kobo or 7.90 percent appreciation in the lender’s share price, which grew from N43 to N46.40 kobo between January and March.
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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.
