Nigeria's Powerhouses: Top 10 Nigerian Banking Stocks Lead NGX Surge Amid Recapitalisation

• The Nigerian Stock Exchange has been on a bullish run recently, hitting over N82 trillion as investors’ confidence surged
• Data from the Nigerian Exchange Limited (NGX) shows that banking stocks are the major drivers at the bourse, with three banks hitting over N8 trillion
• Recent analysis shows that 10 Nigerian banks with robust share rallies, as they scramble for investors ahead of the CBN’s recapitalisation deadline

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian Exchange (NGX) is currently a focal point for investors, particularly within the banking sector, as the Central Bank of Nigeria (CBN) continues its assertive recapitalisation drive.

This strategic imperative, aimed at strengthening the financial system, has significantly influenced the performance and outlook of the nation's top banking stocks.

Banks embark on a capital-raising spree

With the March 31, 2026, deadline fast approaching, banks are actively raising capital, and the market is closely watching their readiness for this new era.

Here's a look at the 10 biggest banking stocks on the NGX by market capitalisation as of mid-July 2025, and how they are positioned within the ongoing recapitalisation landscape:

Zenith Bank Plc

Consistently a market leader, Zenith Bank boasts a market capitalisation of approximately N2.94 trillion as of July 15, 2025.

The bank has been proactive in meeting the CBN's new capital threshold, having successfully raised capital and demonstrating robust financial health.

Its strong fundamentals and a history of good corporate governance make it a perennial favourite among investors.

Guaranty Trust Holding Company Plc

In July 2025, GTCO became the first banking stock to cross the N100 mark on the NGX.

The company’s market capitalisation now stands at N2.36 trillion, driven by its strong Q1 results and dual listing on the London Stock Exchange.

Their strategic dual listing on the London Stock Exchange and strong Q1 2025 earnings have fueled significant investor confidence.

GTCO has also been actively recapitalising, with plans for further capital raises to meet the N500 billion international banking license requirement.

United Bank for Africa Plc

With a market capitalisation of approximately N2.07 trillion as of July 17, 2025, UBA remains a major player with a significant pan-African presence.

While its rights issue is awaiting final regulatory approval, UBA is firmly on track to meet the recapitalisation requirements, leveraging its extensive network and diversified operations.

Access Holdings Plc

Access Holdings, with a market capitalisation of about N1.30 trillion as of July 15, 2025, has also successfully met the new capital threshold.

Known for its aggressive expansion strategies and diverse financial services, Access Holdings is well-positioned to leverage the strengthened capital base for further growth.

Stanbic IBTC Holdings Plc

As of mid-July 2025, Stanbic IBTC Holdings has a market capitalisation of approximately N1.44 trillion.

The institution has launched a rights issue to raise capital to maintain its national license and has demonstrated strong profitability in Q1 2025, driven by robust core earnings.

First HoldCo Plc

First HoldCo reported a market capitalisation of N1.08 trillion in July 2025.

As one of Nigeria's oldest and most established financial institutions, FBN Holdings is navigating the recapitalisation process with its rights issue awaiting final regulatory approval, aiming to solidify its position as a major financial services group.

Ecobank Transnational Incorporated

ETI, the parent company of Ecobank Nigeria, has a market capitalisation of approximately N860.74 billion as of July 16, 2025.

Given its extensive presence across Africa, ETI's recapitalisation efforts are crucial for its continued regional dominance and adherence to the diverse regulatory landscapes.

Fidelity Bank Plc

Fidelity Bank’s market capitalisation stands at approximately N689.86 billion as of July 17, 2025.

The bank has completed initial capital raises and has shareholder approval for further capital increases to maintain its international license, reflecting its commitment to meeting the CBN's mandates.

FCMB Group Plc

FCMB Group, with a market capitalisation of around N376.20 billion as of late June 2025, is another significant player in the Nigerian banking sector.

Like Fidelity Bank, FCMB has completed its initial capital raising and will need to raise more to maintain its international license, demonstrating its proactive approach to recapitalisation.

Union Bank of Nigeria Plc

Union Bank, with a market capitalisation of approximately N194.61 billion as of November 2023, is also part of the recapitalisation journey.

The bank’s 2025 figure is currently unavailable.

While specific recent updates on their capital raise are awaited, the bank, like others, is expected to intensify its efforts to meet the March 2026 deadline.

Banks race against time

The recapitalisation directive by the CBN is not merely a regulatory hurdle but a transformative initiative designed to bolster the resilience and capacity of Nigerian banks.

It aims to ensure that banks can absorb economic shocks, support larger credits, and ultimately drive economic growth.

“While some banks, particularly the Tier-2 and Tier-3 institutions, are facing greater challenges in meeting the new thresholds, the overall sentiment from regulatory bodies like Fitch Ratings indicates that Nigerian banks are largely on track,” Osas Igho, a financial analyst, said.

According to him, the market has responded with a mix of volatility and renewed confidence.

Investors react positively to banking stocks

While some initial dumps of banking stocks were observed due to concerns about dividend suspensions for banks under forbearance, the general trend, especially for leading institutions like GTCO, suggests positive investor reaction to proactive capital-raising efforts and strong earnings reports.

The successful recapitalisation will likely lead to a more robust, stable, and competitive banking sector, capable of driving Nigeria's economic aspirations.

Two national banks enter secret Merger talks

Legit.ng earlier reported that as the recapitalisation deadline set by the Central Bank of Nigeria (CBN) approaches, two national banks are reportedly said to have begun merger talks to meet the regulatory deadline and remain competitive.

More and more banks are facing intense heat, with six banks having about N965 billion funding gap, a prior report by Legit.ng disclosed.

Already, five banks have scaled the recapitalisation hurdle and will proceed with their operations.

Source: Legit.ng