First HoldCo Leads List of 10 Most Valuable Banks in Nigeria
- First HoldCo has overtaken Zenith Bank to become Nigeria's most valuable listed bank after its market capitalisation
- Zenith Bank and GTCO followed closely with market values of N4.79 trillion and N4.71 trillion, respectively
- The combined market capitalisation of the 11 listed banking institutions on the NGX increased to N25.85 trillion
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
First HoldCo Plc, the parent company of First Bank of Nigeria, has emerged as the most valuable banking stock on the Nigerian Exchange (NGX), overtaking Zenith Bank after a strong rally in its share price lifted its market capitalisation to N4.80 trillion.
Data compiled by Legit.ng from NGX trading on Monday showed that First HoldCo displaced Zenith Bank from the top position, while Guaranty Trust Holding Company (GTCO) ranked third.
Source: Getty Images
A company's market capitalisation represents its value on the stock exchange and is calculated by multiplying its current share price by the total number of outstanding shares.
The combined market capitalisation of the 11 listed banking institutions on the NGX rose to N25.85 trillion from N25.18 trillion recorded on July 17.
Most valuable Nigerian banks by market capitalisation
Below are the top 11 most valuable banks in Nigeria based on their market capitalisation.
1. First HoldCo – N4.80 trillion
First HoldCo tops the list with a market capitalisation of N4.80 trillion after its share price surged by 9.95% to close at N105.50.
The financial holding company added N434.28 billion in market value following strong investor demand, driven by record half-year earnings and growing confidence in the business.
2. Zenith Bank – N4.79 trillion
Zenith Bank ranks second with a market capitalisation of N4.79 trillion after its shares gained 2.36% to close at N116.70.
The tier-one lender added N110.88 billion to its market value as investors continued to accumulate the stock.
3. Guaranty Trust Holding Company (GTCO) – N4.71 trillion
GTCO ranks third with a market capitalisation of N4.71 trillion after its share price slipped slightly to N129.00.
The lender's valuation declined by N7.31 billion as the stock recorded a marginal loss during Monday's trading session.
4. Stanbic IBTC Holdings – N2.65 trillion
Stanbic IBTC Holdings ranks fourth with a market capitalisation of N2.65 trillion.
The financial institution's valuation remained unchanged after its shares closed flat at N166.90.
5. United Bank for Africa (UBA) – N2.13 trillion
UBA ranks fifth with a market capitalisation of N2.13 trillion after its share price climbed 6.37% to N48.40.
The lender added N128.16 billion in market value as investors increased their positions in the stock.
6. Ecobank Transnational Incorporated (ETI) – N1.55 trillion
Ecobank ranks sixth with a market capitalisation of N1.55 trillion.
The bank's valuation remained unchanged after its shares closed flat at N85.70.
7. Access Holdings – N1.38 trillion
Access Holdings ranks seventh with a market capitalisation of N1.38 trillion after its shares rose to N25.50.
The financial group added N27.18 billion in market value as investor demand remained positive.
8. Fidelity Bank – N1.37 trillion
Fidelity Bank ranks eighth with a market capitalisation of N1.37 trillion after its shares edged lower to N21.80.
The lender lost N3.15 billion in market value following a marginal decline in its share price.
9. Wema Bank – N1.23 trillion
Wema Bank ranks ninth with a market capitalisation of N1.23 trillion after its shares appreciated to N30.90.
The lender added N18.05 billion in market value as investor interest in the stock remained strong.
10. FCMB Group – N778.26 billion
FCMB Group ranks 10th with a market capitalisation of N778.26 billion after its shares advanced to N11.80.
The financial institution gained N65.95 billion in market value during Monday's trading session.
Source: Getty Images
Why First HoldCo overtook Zenith Bank
The rally in First HoldCo's shares followed the release of its strongest-ever half-year financial results.
The group reported an 83.5% increase in profit before tax to N653.54 billion for the six months ended June 30, 2026, compared with N356.15 billion in the corresponding period of 2025, BusinessDay reports
Second-quarter pre-tax profit rose to N332.42 billion, reflecting continued earnings growth driven by improved operating efficiency, stronger asset quality, higher transaction banking income, and increased contributions from non-interest revenue businesses.
The strong financial performance, combined with successful recapitalisation efforts and increased strategic investments by billionaire businessman Femi Otedola, has boosted investor confidence and helped propel First HoldCo to the top of Nigeria's banking valuation rankings.
CBN approves as another bank begins operation in Nigeria
Earlier, Legit.ng reported that Bank78 MFB has officially commenced operations as a private digital lender in Nigeria.
The bank stated that although it is inspired by private-banking culture and mindset, it is deliberately designed for the mass-affluent everyday Nigerian, offering a secure and premium digital banking experience.
In a statement announcing the commencement of operations, the bank said it aims to bridge the gap between fast-growing fintech firms and traditional legacy banks.
Source: Legit.ng
