Banks’ Recapitalisation Raises GTCO, Zenith, UBA, 10 Others’ Market Cap to N16.14tn in 2025

Kayode Tokede

The market capitalisation of Guaranty Trust Holding Company Plc (GTCO), Zenith Bank Plc, United Bank for Africa Plc (UBA), and 10 other listed banks rose to N16.14 trillion in 2025, buoyed by the Central Bank of Nigeria’s (CBN) ongoing banking sector recapitalisation exercise, which has a deadline of March 2026.

This represents an increase of about 86.8 per cent, or N7.5 trillion, over the combined market capitalisation of N8.64 trillion recorded by the 13 banks on the Nigerian Exchange Limited (NGX) in 2024.The N16.14 trillion valuation implies that banking stocks accounted for an estimated 16.23 per cent of the total market capitalisation of all listed equities on the NGX, which stood at N99.38 trillion in 2025.

Some of the 13 banks are GTCO, Zenith Bank, UBA, Access Holdings Plc, Stanbic IBTC Holdings Plc, Ecobank Transnational Incorporated (ETI), Fidelity Bank Plc, Sterling Financial Holdings Company Plc, Wema Bank Plc, FCMB Group Plc, Jaiz Bank Plc, and Unity Bank Plc.A breakdown of the figures showed that GTCO emerged as the most capitalised banking stock, with market capitalisation rising to N3.3 trillion in 2025 from N1.68 trillion in 2024. Zenith Bank followed with N2.54 trillion, up from N1.43 trillion in the preceding year.UBA closed the year with N1.71 trillion, up from N1.16 trillion.

Stanbic IBTC Holdings, the only banking stock to close 2025 at N100 per share, saw its market capitalisation rise to N1.59 trillion from N746.32 billion in 2024. Access Holdings ended 2025 with a market capitalisation of N1.12 trillion, compared with N847.75 billion the previous year.

ETI’s market capitalisation rose to N994.34 billion in 2025 from N513.8 billion in 2024, while Fidelity Bank recorded N954.03 billion, up from N560.21 billion. Wema Bank posted one of the most substantial gains, with market capitalisation rising sharply to N818.43 billion from N195.01 billion.

FCMB Group’s market capitalisation increased to N515.4 billion in 2025 from N186.15 billion in 2024. Sterling Financial Holdings Company rose to N367.4 billion from N161.23 billion, while Jaiz Bank ended 2025 with N202.88 billion, up from N133.77 billion. Unity Bank’s market capitalisation remained flat at N17.65 billion.

The strong performance of banking stocks helped push the NGX Banking Index to a record 39.77 per cent gain in 2025, significantly higher than the 23.23 per cent gain in 2024, reflecting heightened investor confidence, primarily driven by recapitalisation reforms.Most of the banks have tapped the Nigerian capital market to meet the March 2026 recapitalisation deadline set by the CBN. The directive, announced in March 2024, requires commercial banks with international licences to raise their minimum capital base to N500 billion, while national and regional banks must meet thresholds of N200 billion and N50 billion, respectively.According to the CBN governor, Mr. Olayemi Cardoso, about 27 banks have raised capital so far, with 16 already fully meeting the new regulatory requirements.

Major lenders, including GTCO, Zenith Bank, UBA, Access Holdings, Fidelity Bank, Sterling Financial Holdings Company, FCMB Group, and Stanbic IBTC Holdings, collectively raised over N2 trillion through public offers and rights issues on the NGX in 2025.

Investigation by THISDAY showed that GTCO, Access Holdings, and Zenith Bank listed N369 billion, N351.01 billion, and N350.46 billion, respectively, as part of efforts to meet the new capital requirements. UBA listed N239.4 billion, Fidelity Bank N175.85 billion, FCMB Group N167.67 billion, Wema Bank N147.8 billion, Stanbic IBTC Holdings N148.71 billion, and Sterling Financial Holdings Company N101.64 billion.

The capital-raising process was supported by NGX Invest, a digital platform introduced by the Exchange to streamline public offers and rights issues. The platform enhanced subscription efficiency and operational workflows, helping issuers raise funds seamlessly.

Commenting on the development, Vice President, Highcap Securities Limited, Mr. David Adnori, said the Nigerian banking sector emerged as one of the standout performers on the NGX in 2025, driven by strong demand for bank stocks following the CBN recapitalisation directive.

He noted that several banks recorded oversubscribed offers, reflecting sustained investor confidence. According to him, Wema Bank, FCMB Group, and Stanbic IBTC Holdings led the year’s stock price appreciation, underscoring positive market sentiment toward the sector’s growth prospects.

Adnori, however, urged investors to remain cautiously optimistic, noting that despite concerns about a few banks lagging, most listed lenders are expected to meet their recapitalisation targets ahead of the March 2026 deadline.