Seven banks valued at Trillions of Naira on the NGX

Based on market capitalization, seven Nigerian banks are in the trillion-naira mark on the Nigerian Exchange Group (NGX). These are the top banks in the country. Also, they have met the recapitalisation requirement of the apex bank in the country. 

What's happening?

On the floor of Nigeria's top financial market last month was a bullish trend, one that has not been experienced in the history of the country. As a result, some banks that haven't made the trillion Naira market capitalization were seen at that level. Their share price soared to a new high. 

For example, the Stanbic Holding shares, a deposit money bank not part of the big 5 commercial banks, saw their share price increase by NGN 101 per share. Whereas, two weeks earlier the stocks were below 100 Naira.

Zenith Bank, on its part, joined the London Stock Exchange. This makes the bank the first indigenous bank to be listed on a more developed stock exchange. Their share price increased due to the listing enabling the company to meet its recapitalisation requirement from the Central Bank of Nigeria. 

Banks that have hit the Trillion Naira Mark

All the big 5 banks, also known as FUGAZ, have hit the trillion-naira mark and are currently above 1 trillion Naira. GTCO is leading the pack with 3.6 Trillion market capitalization. Followed by Zenith Bank, which is currently on a 3.1 trillion market cap.

List of 🇳🇬 banks worth N1 trillion + in the stock market
GT N3.6 trillion
Zenith N3.1 trillion
UBA N2 trillion
Stanbic IBTC N1.7 trillion
First Bank…

— Olumide Adesina (@olumidecapital) August 9, 2025

Two challengers join the trillion Naira level. With Stanbic Holding leading at 1.7 trillion. The bank is ahead of two of the FUGAZ banks. It surpasses Access Holding, which has a total market capitalization of NGN 1.5 trillion, and First Holding of NGN 1.4 trillion.

Fidelity Bank, the second challenger in the industry, is the seventh in the list, holding a market capitalization value of NGN 1.1 trillion. All the 7 banks in the holder of highest to lowest are GTB, Zenith, UBA, Stanbic, Access, First Bank, and Fidelity.